Petroceltic, in conjunction with its partners Hellenic Petroleum S.A.(Operator) and Edison International S.p.A., has been awarded the Patraikos block, offshore western Greece. The lease agreement was signed on 14 May 2014 after the awarding by the Greek Ministry of Environment, Energy and Climate Control. This award represents a new country entry for Petroceltic and seeks to leverage our technical knowledge and experience of the Adriatic region with a view to organic growth of the portfolio in a potential core area. Upon ratification, Petroceltic will hold a 33.3% working interest in the concession.
The Patraikos block is located in the Gulf of Patra and covers an area of 1,892 sq km 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. The regional hydrocarbon system has been proven by the Katakolon oil discovery wells drilled in 1982, approximately 35 kilometres south of the block, and by the presence of a number of oil seeps observed around the Gulf of Patra area. There is extensive 2D seismic data already available over the block and the unrisked P50 prospective resources for the mapped prospects lie in the range of
70 MMbbl to 320 MMbbl.
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 comprises geological studies and 2D and 3D seismic data acquisition with a net financial commitment to the Company of approximately $3.5m.