Project Profile
Location: Northeast extension of the Elsa trend, Adriatic Sea, off the coast of Italy
Reserves: 95 mmboe
Area: 474 sq km
Petroceltic has been awarded the B.R272.EL exploration permit in the Adriatic Sea, off the coast of Italy. The block contains the high-potential Turchese prospect which lies along the northeast extension of the Elsa trend. The block itself lies about 15 kilometres from the Elsa discovery and the producing Rospo Mare field.
The company holds a 100% interest in B.R272.EL, however Orca Exploration has the option to earn a 15% interest in the permit, following the drilling of the Elsa-2 well, under the terms of a farm-in agreement signed in 2012. The work programme for the first 6 year phase of the exploration permit will see Petroceltic need to gather new 3-D seismic data, which the company planned to extend over the adjacent B.R270.EL permit, to high-grade prospects for possible future exploration drilling.
Operators:
Petroceltic: Operator with 100% interest