Petroceltic Awarded Two Egyptian Blocks

Junior explorer Petroceltic International announced Friday that it has been awarded two blocks in Egypt as part of a joint venture with Edison International.

The blocks, North Thekah and South Idku, were awarded in the Egyptian Natural Gas Holding Company 2012 International Bid Round.

North Thekah (Block 7) is located offshore the Nile Delta and potentially contains an extension of the Levantine Basin exploration play that has already yielded some giant discoveries. Petroceltic has a 50-percent, non-operated interest in the concession.

South Idku (Block 1) is located in Petroceltic’s core Egyptian operating area, onshore the Nile Delta. In this concession the company has a 75-percent operated interest.

Petroceltic expects the new licenses to be formally awarded in late 2013, following ratification and finalization of the production sharing contracts.

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

"We are delighted to have been awarded both blocks which, together with last year's El Qa'a Plain award, onshore the Gulf of Suez, significantly enhance our Egyptian exploration portfolio. North Thekah is in an area of the Mediterranean which has seen several world class discoveries in recent years and South Idku will complement our existing onshore Nile Delta operations.

"Furthermore, the award of these blocks is consistent with our strategy of organic growth and opportunistic resource capture in territories where we have existing operations, knowledge and experience."

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