Annual Report & Accounts 2013



Petroceltic seeks to develop in North Africa, the Mediterranean Basin and Black Sea. The Company has built a strong operations team with skills in geology, geophysics, petrophysics, reservoir engineering, petroleum engineering, well design, drilling operations and project management. For each country, the Company seeks to develop its talent with an appropriate mix of international and domestic team members.

World continents


Petroceltic is the operator in two offshore exploration concessions in the Romanian sector of the Black Sea with a 40% operated interest in each. The licences, EX-27 Muridava and EX-28 Est Cobalcescu, are located in shallow water and have a combined area of approximately 2,000 sq km.

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Italy is the third largest producer of oil and the fifth largest of gas in Western Europe. The Group’s main operated asset in Italy is the Elsa oil discovery, which contains 95MMbbls of gross contingent resources. On the onshore Carisio licence, Eni and Petroceltic have continued to progress the permitting process for the Carpignano Sesia-1 exploration well.

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Petroceltic views Algeria as being a key part of our strategy to develop energy resources in the Mediterranean region. During 2013, Petroceltic made significant progress towards the development of the strategically important Ain Tsila gas condensate field through the achievement of a number of key milestones.

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Petroceltic has a 100% operated interest in three producing gas fields and one future development in the Galata concession which is located in shallow water, offshore Bulgaria.

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A consortium comprising Petroceltic, Hellenic Petroleum S.A.(Operator) and Edison International SpA recently submitted a successful bid for the Patraikos block, offshore western Greece.

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Kurdistan Region of Iraq

The Group has a 16% working interest in two high quality exploration concessions in the central area of the Kurdistan Region of Iraq , Shakrok and Dinarta.

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Petroceltic’s core area of operations in Egypt is in the onshore Nile Delta where it holds a 100% operated interest in 12 producing fields and 13 development leases in the El Mansoura area and the South East El Mansoura exploration concession, in addition to three exploration concessions acquired in 2013.

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