Petroceltic International plc, the upstream oil and gas exploration and production company focussed on North Africa, the Mediterranean and Black Sea regions is pleased to announce that a consortium comprising Petroceltic, Hellenic Petroleum S.A.(Operator) and Edison International SpA has submitted a successful bid for the Patraikos block, offshore western Greece. Each of the three companies in the joint venture will hold a one third working interest in the concession.
The Patraikos block is located in the Gulf of Patra and covers an area of 1,892 square kilometres with water depths principally in the range of 100 to 300 metres. The concession is potentially oil prospective in the Jurassic, Cretaceous and Eocene formations with a working hydrocarbon system proven by the Katakolon oil discovery wells drilled in 1982 approximately 35 kilometres south of the block.
The concession includes a three year initial exploration period, followed by two optional extensions up to a maximum licence term of eight years. The firm work programme in the first three years will comprise geological studies and 2D and 3D seismic data acquisition with net financial commitment to the Company of approximately $3.5 million.
It is expected that the new concession will be formally awarded in late 2013 following ratification and finalisation of the detailed concession agreement.
Brian O’Cathain, Petroceltic’s Chief Executive, commented:
“We are delighted to be the successful bidder for the Patraikos block, which lies in an underexplored offshore area with good regional hydrocarbon potential. This represents a new country entry for the Company in one of our core focus areas where we are actively seeking to expand our exploration portfolio. We look forward to progressing the exploration programme on the block in conjunction with our joint venture partners.
