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Petroceltic International plc’s wholly owned Italian subsidiary, Petroceltic Italia S.r.l., has been awarded two exploration licenses in the central Adriatic offshore Italy.
Licences B.R 270 and B.R 271 are 144.5 sq km and 327.1 sq km in size respectively, and run for six years from the date of award. The company has also applied for three other adjacent exploration permits in this area, which are currently under consideration by the Ministry of Economic Development.
The permits, in water depths of 30 m (98 ft) to 150 m (492 ft), are adjacent to existing oil and gas fields which have demonstrated three working hydrocarbon plays in this region; the Cretaceous Miglianico/Elsa Basin floor fan, the Cretaceous to Miocene Rospo Mare/Ombrina Mare platform carbonate oil plays, and the Santo Stefano Mare Pliocene biogenic gas play.
Interpretation of 2D geophysical data has already revealed a number of prospects and leads on the permits, at all three hydrocarbon play levels. Future plans involve obtaining additional new geophysical data in order to high-grade prospects for possible future exploration drilling.
The permits have been awarded 100% to Petroceltic; however, as part of a farmin agreement signed with Orca Exploration Group Ltd., Orca will have an option to earn a 15% interest in these permits subject to the usual regulatory approvals.