Petroceltic Gets Egyptian Permits

Petroceltic International, has announced its participation in a joint venture with Edison International which was the successful bidder for two blocks, North Thekah and South Idku, in the Egyptian Natural Gas Holding Company 2012 International Bid Round.

North Thekah (Block 7) is located offshore the Nile Delta and potentially contains an extension of the Levantine Basin exploration play which has already yielded some giant discoveries in the region. The Company has a 50 percent non-operated interest in this concession, which has an initial 3 year term and is extendable up to a maximum duration of 8 years. The firm work programme commitment in the initial 3 year term comprises the acquisition of 1,500 sq kms of 3D seismic data.

South Idku (Block 1) is located in Petroceltic’s core Egyptian operating area, onshore the Nile Delta, and in this concession the Company has a 75 percent operated interest. The licence has an initial 3 year term, which can be extended up to a maximum of 6 years, and a firm work commitment comprising the acquisition of 2D/3D seismic, and two exploration wells.

It is expected that the new licences will be formally awarded in late 2013 following ratification and finalisation of the Production Sharing Contracts.