PCI.L Regulatory News (PCI)

16 Apr 2007 07:01

Petroceltic International PLC16 April 2007 Petroceltic International plc Italy - Operations and New Permit Application Update HIGHLIGHTS: - Seven exclusive permit applications over Elsa - Miglianico oil fairwayin the Italian Adriatic Sea awarded to Petroceltic - Petroceltic to be operator of new exploration permit applications with100% working interest. - Decision on two further permit applications expected from theMinisterial Commission in the coming months. - New seismic interpretation over Elsa block B.R268.RG confirms Elsaprospect potential. - Drilling feasibility study completed. - Shallow gas potential identified on both B.R268.RG and the Civitaquanaonshore block. New Permits Petroceltic is pleased to announce that the March 2007 Gazette of the Ministryof Economic Development, published in April 2007, has confirmed that 7 newpermit applications in the Central Adriatic offshore have been awarded on anexclusive basis to Petroceltic Elsa Srl ('Petroceltic') a wholly ownedsubsidiary of Petroceltic International plc. These exploration permit areas were primarily selected to access the extensionof the proven Elsa - Miglianico oil fairway, into the Central Adriatic, to theeast and southeast of the existing Petroceltic blocks. They are adjacent to fouroil and gas fields, the Miglianico, Rospo Mare and Ombrino Mare oil fields andthe Santo Stefano Mare Gas field. Petroceltic will operate the seven exclusive exploration permits with a 100%working interest. These permit areas, which cover approximately 2,040 sq kms,lie in water depths ranging from 30 to 150 meters. The seven exclusive exploration permits are part of an application for ninepermits, in the central Adriatic area, submitted by Petroceltic in October 2006.A decision from the Ministry regarding the other two applications is expectedfrom the Ministerial Commission in the coming months. Italy Operational Update B.R268.RG - "Elsa" (Petroceltic 40%) Petroceltic, together with its Joint Venture partner Vega Oil, has nowinterpreted some recently purchased seismic data. This data, which is of goodquality, further confirms the potential of the Elsa oil prospect and hashighlighted a number of other leads on the block. Also the 'Joint Venture' commissioned an independent drilling feasibility study.This work has now been completed and a number of possible drilling scenarios arebeing considered including the drilling of a deviated well from an onshoresurface site into the offshore block B.R268.RG. Civitaquana Onshore Block (Petroceltic 40%) The Ministry of Economic Development has approved the required EnvironmentalReport and is expected to officially grant the exploration permit "Civitaquana"in the near future. The 'Joint Venture' is currently evaluating the existing data on the permitincluding the potential for a shallow gas play in the block. John Craven CEO of Petroceltic commented: "The successful new exploration permit applications are a very important stepin building our business in Italy. Petroceltic now has a comprehensive acreageposition, over the Apulian platform margin (including the Miglianico - Elsa oilplay fairway) in the central Adriatic Sea, which offers exposure to a possibleextension of a proven oil field (Miglianico), an appraisal project to anexisting oil discovery (Elsa), shallow gas prospects and considerableexploration running room for further upside with the new permits." Ends Press queries to: John CravenPetroceltic International plcTel: +353 (01) 495 9285 Ronnie SimpsonSimpson FT PRTel: +353 (01) 260 5300 Billy CleggFinancial DynamicsTel: +44 (0)207 2697157. Notes to the Editor: Petroceltic's Italian Interests 1- B.R268.RG. - Elsa: Petroceltic 40% 2- Civitaquana: Petroceltic 40% 3- New Exploration Permit Applications - Exclusive: - d494.B.R-EL - d495.B.R-EL - d496.B.R-EL - d497.B.R-EL - d498.B.R-EL - d499.B.R-EL - d500.B.R-EL Petroceltic: 100% 4- Pending applications: - d492.B.R-EL - d493.B.R-EL 5- Rome Office Via degli Scipioni 292 - Roma 00192 - ItaliaTel: +39 06 32600461Fax: +39 06 3210791 italy@petroceltic.ie This information is provided by RNS The company news service from the London Stock Exchange