Petroceltic Awarded Adriatic Sea Permit

Petroceltic International announced Thursday that it has been awarded an exploration permit in the central Adriatic Sea, offshore Italy. The firm described the award of the B.R272.EL permit as a "significant step forward" in the development of its central Adriatic portfolio.

The permit covers a block of some 180 square miles and lies around 9 miles from the Elsa discovery and the producing Rospo Mare field. It contains the Turchese prospect, which Petroceltic describes as having high potential.

The work program for the initial six-year phase of the exploration permit includes a 3D seismic acquisition program.

Petroceltic also reported that Eni, the operator of the Carisio permit in the Western Po Valley, has lodged an application for a further extension of the permitting process there until June 30 2013. The extension will allow Eni to present a revised well location that takes into consideration local concerns. Petroceltic has a 47.5-percentr interest in the permit.

Petroceltic Chief Executive Brian O'Cathain commented in a statement:

"Permit B.R.272.EL brings significant additional potential to our Adriatic portfolio directly adjoining and on trend with the Elsa oil discovery. We look forward to working with the relevant Ministries to enable the commencement of seismic operations in this highly prospective region.

"Petroceltic is fully committed to operating in an environmentally sensitive manner in all its operations and will continue to work with all partners and stakeholders to support the National Energy Strategy's objective of doubling Italian oil and gas production by 2020."

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