PCI.L Regulatory News (PCI)

6 Sep 2007 07:01

Petroceltic International PLC06 September 2007 Petroceltic International plc (AIM ticker PCI) Final Ministerial Approval for the Onshore Civitaquana permit in Italy Petroceltic International plc ("Petroceltic") announces that its wholly ownedsubsidiary, Petroceltic Elsa Srl., has been notified that final ministerialapproval has been granted for the Civitaquana exploration permit onshore Italy.The permit is located in the Marche-Abruzzi Basin of central Italy, west of theonshore Miglianico oil and gas discovery and close to Petroceltic's B.R268.RGOffshore Permit, in the Adriatic Sea. The block contains several potential oil and gas targets, including a shallowPliocene gas play and possible extensions of the intra-Cretaceous Maiolicaformation that yielded light oil and gas in the nearby Miglianico discoverywell, drilled by ENI in 2001. Petroceltic is in the process of substantially increasing its Italian acreageportfolio and has recently applied for nine new licences in the CentralApennines in Italy as Operator. Seven of the applications are on an exclusivebasis. John Craven CEO of Petroceltic commented "We are delighted with the award of theCivitaquana permit. Successful drilling on nearby blocks highlights thepotential of the basin. Existing seismic lines and well data suggest thepossibility of large structural and stratigraphically controlled prospects onthis licence. Our work programme for the block will initially focus onenhancing seismic information and identifying potential drilling targets." Petroceltic has a 40% interest in the Civitaquana permit which is 615.37 squarekilometres in size (152,081 acres) and will be valid for an initial period ofsix years. John Craven, Chief Executive of Petroceltic International plc, who holds a MSCin Petroleum Geology from Imperial College London is the qualified person whohas reviewed and approved the technical information contained in thisannouncement. Press queries to: John Craven /Brian O'CathainPetroceltic International plcTel: +353 (1) 495 9285 James Henderson / Alisdair HaythornthwaitePelham PRTel: +44 20 7743 6676 Joe MurrayMurray ConsultantsTel: +353 (1) 4980300 Notes to Editors: Petroceltic International plc is a leading Upstream Oil and Gas Exploration andProduction Company, focused on the Mediterranean and North African area, andlisted on the London Stock Exchange's AIM Market and the Irish Sock Exchange'sIEX Market. The company has exploration assets in Algeria, Tunisia and Italy anda royalty interest in the Kinsale Head gas field in Ireland. This information is provided by RNS The company news service from the London Stock Exchange