Petra Bids for Spanish Gas Blocks

Petra Petroleum is aiming to further expand its Mediterranean interests with a number of applications for potential gas zones offshore from Spain.

The company, which has also recently submitted exploration bids in Cyprus's second licensing round, says the applications are part of a concerted drive to increase its interest in the Mediterranean and North Africa.

As part of the application, the company has created a Spanish subsidiary and is bidding as the sole licence operator. Petra says it believes the blocks it has bid for contain a number of gas prospects which could be very commercially viable.

"These permit applications are located in a very prospective area of the Western Mediterranean Sea and, following our recent Cyprus exploration licence applications, they are further steps in the implementation of our high impact exploration strategy in the region," President and CEO of Petra Robert Lambert said. 

"We will work hard to turn these applications in to permit awards and at the same time we will continue to seek opportunities to build a diversified exploration portfolio and production asset base."

The company has deposited a required €1 million security deposit with the Spanish Treasury as part of the application.