Adriatic Oil Abandons Seaward PL (UK)

Adriatic Oil Plc, an international oil and gas exploration company, has decided to relinquish Seaward Production Licence P1921 containing Blocks 12/18 and 12/19c in the Inner Moray Firth, UK North Sea, following an evaluation.

The Evaluation, which was fully funded by Adriatic, included re-processing and reinterpretation of existing 3D seismic data. It failed to identify sufficient prospectivity in the primary target interval to warrant entering into the second exploration period, for which there were substantial additional spending commitments. Elixir Petroleum Limited (20% working interest) concurs with Adriatic’s interpretation, and both parties have proceeded with the relinquishment of the Blocks.

The Company intends to participate in the 28th North Sea Application Round, which is currently open for bids.

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Press Release, February 24, 2014