Offshore staff
DUBLIN, Ireland – Petroceltic Italia has been awarded two exploration licenses in the central Adriatic Sea offshore eastern Italy.
Licenses B.R 270 and B.R 271 are respectively 144.5 sq km (56 sq mi) and 327.1 sq km (126 sq mi) in size and carry six-year terms.
Petroceltic also applied for three other adjacent exploration permits in this area, currently under consideration by Italy’s Ministry of Economic Development, in water depths of 30-150 m (98-492 ft).
The licenses are close to existing oil and gas fields that 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 on the permits has revealed numerous prospects and leads, at all three hydrocarbon play levels. Future plans include acquiring additional geophysical data in order to high-grade prospects for potential exploration drilling.
Although Petroceltic has a 100% interest, Orca Exploration Group has an option to earn a 15% interest, subject to regulatory approvals.
7/5/2012
