Petroceltic International plc (“Petroceltic” or the “Company”), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and the Black Sea regions announces its participation in a joint venture with Edison International Spa (“Edison”) which was the successful bidder for two blocks, North Thekah and South Idku, in the Egyptian Natural Gas Holding Company 2012 International Bid Round.
North Thekah (Block 7) is located offshore the Nile Delta and potentially contains an extension of the Levantine Basin exploration play which has already yielded some giant discoveries in the region. The Company has a 50 percent non-operated interest in this concession, which has an initial 3 year term and is extendable up to a maximum duration of 8 years. The firm work programme commitment in the initial 3 year term comprises the acquisition of 1,500 square kilometres of 3D seismic data.
South Idku (Block 1) is located in Petroceltic’s core Egyptian operating area, onshore the Nile Delta, and in this concession the Company has a 75 percent operated interest. The licence has an initial 3 year term, which can be extended up to a maximum of 6 years, and a firm work commitment comprising the acquisition of 2D/3D seismic, and two exploration wells.
It is expected that the new licences will be formally awarded in late 2013 following ratification and finalisation of the Production Sharing Contracts.
Brian O’Cathain, Petroceltic’s Chief Executive , commented:
“We are delighted to have been awarded both blocks which, together with last year’s El Qa’a Plain award, onshore the Gulf of Suez, significantly enhance our Egyptian exploration portfolio. North Thekah is in an area of the Mediterranean which has seen several world class discoveries in recent years and South Idku will complement our existing onshore Nile Delta operations. Furthermore, the award of these blocks is consistent with our strategy of organic growth and opportunistic resource capture in territories where we have existing operations, knowledge and experience.”
[mappress] Press Release, April 19, 2013