Petroceltic International reported that its wholly owned Italian subsidiary, Petroceltic Italia S.r.l., has been awarded two exploration licenses in the central Adriatic offshore Italy.

Licences B.R 270 and B.R 271 are 55.8 square miles (144.5 square kilometers) and 126.2 square miles(327.1 square kilometers) in size respectively, and run for six years from the date of award. The Company has also applied for three other adjacent exploration permits in this area, which are currently under consideration by the Ministry of Economic Development. The permits, in water depths of 98 to 492 feet (30 to 150 meters), are located adjacent to existing oil and gas fields which have demonstrated three working hydrocarbon plays in this region; the Cretaceous Miglianico/Elsa basin floor fan, the Cretaceous to Miocene Rospo Mare/Ombrina Mare platform carbonate oil plays, and the Santo Stefano Mare Pliocene biogenic gas play.

Tags: Petroceltic International plc