PCI.L Regulatory News (PCI)

2 Jul 2008 07:00



PRESS RELEASE

Dublin: July 2008: 

Petroceltic International plc (AIM ticker PCI)

Petroceltic Wins Nine Exclusive Exploration Permits offshore Italy

Petroceltic International plc (Petroceltic) is pleased to announce that its wholly owned Italian subsidiary, Petroceltic Elsa Srl., has been granted nine exclusive exploration permits in the central Adriatic offshore Italy. Included in the awards to Petroceltic are permits d492 and d493, which were subject to a competitive external bid. These interests together with the other seven permits d494 to d500, and Petroceltic's existing interest in the BR 268RG offshore permit, gives the company access to a near contiguous proven hydrocarbon play fairway of over 2,660 square kilometers along the Apulian Carbonate platform margin offshore Italy. 

The permits in water depth depths of 30 to 150 meters are located adjacent to existing oil and gas fields which have demonstrated three working hydrocarbon plays in this region; the Cretaceous Miglianico/Elsa basin floor fan and the Cretaceous-to Miocene Rospo Mare/Ombrina Mare platform carbonate oil plays, the latter recently successfully drilled by the OM-2 well, and the Santo Stefano Mare Pliocene biogenic gas play. 

Interpretation of 2D seismic data has revealed a number of prospects and leads in the permits. Future plans involve obtaining additional new seismic data in order to high-grade prospects for drilling.

In accordance with the normal Italian award process, the permits have been granted on a preliminary basis, pending the submission by Petroceltic of an environmental impact study for approval by the authorities. 

John Craven CEO of Petroceltic commented "I am delighted with the award of the nine permits which is a culmination of our strategy to build a substantial acreage position in this proven but sparsely explored oil and gas region of offshore Italy. I am particularly pleased that two of the permits were won by Petroceltic in the face of competition. We believe that these and all of our Italian permits have the potential to deliver substantial future value for shareholders." 

Petroceltic has a 100 percent interest in the nine permit awards, which are d492, d493, d494, d495, d496, d407, d498, d499, and d500. A map showing the location of the permits and the nearby oil and gas fields can be viewed on our website at www.petroceltic.com

John Craven, Chief Executive of Petroceltic International plc, who holds a MSC in Petroleum Geology from Imperial College London, is the qualified person who has reviewed and approved the technical information contained in this announcement.

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Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Sock Exchange's IEX Market. The company has exploration assets in Algeria, Tunisia and Italy and a royalty interest in the Kinsale Head gas field in Ireland.