Petroceltic Intnl PCI Award of Egyptian Licence

  Petroceltic Intnl (PCI) - Award of Egyptian Licence

RNS Number : 7200Q
Petroceltic International PLC
09 November 2012




Dublin

9th November, 2012

                                      

                        PETROCELTIC INTERNATIONAL PLC

                          Award of Egyptian Licence



Petroceltic International plc ("Petroceltic"  or "the Company"), the  upstream 
oil and gas exploration  and production company focused  on North Africa,  the 
Mediterranean and Black Sea regions, is pleased to announce its  participation 
in a joint venture which was the successful bidder on Block 12 'El Qa'a Plain'
in the 2011 Egypt General Petroleum Corporation (EGPC) bid round which  closed 
on March 29, 2012.

Partners in the  application were Petroceltic  (37.5% Working Interest),  Dana 
Petroleum (37.5%  Working Interest,  as Operator),  and Beach  Petroleum  (25% 
Working Interest).  The block  is  composed of  two largely  unexplored  areas 
covering 1824 square kilometres in the  southern part of the Sinai  Peninsula, 
east of the prolific Gulf of Suez. The overall licence term for the Block is 6
years, with the  work commitment  in the first  4 year  period comprising  the 
acquisition of a minimum 450 square kilometres of new 3D seismic data and  the 
drilling of at least one exploration well.

It is  expected that  the new  concession  will be  formally awarded  in  2013 
following the ratification  process which culminates  when each concession  is 
passed into law by the People's Assembly (Parliament).



Brian O'Cathain, Chief Executive of Petroceltic commented:

"We are delighted to have been awarded the El Qa'a Plain Block and believe the
combination  of  Petroceltic,  Dana  and  Beach  will  bring  an   outstanding 
combination of technical  and operational  skills to the  exploration of  this 
underexplored region. We have already identified a number of structures which
we believe to be potentially prospective for  oil and these will be the  focus 
of our work in the first phase of the licence."





For further information, please contact:



Brian O' Cathain/Tom Hickey, Petroceltic International Tel: +353 (1)
421 8300

Philip Dennis/Rollo Crichton-Stuart,

Pelham Bell Pottinger
 Tel: +44 (20)
7861 3919

Joe Murray/Joe Heron, Murray Consultants Tel: +353
(1) 498 0300

John Frain,
Davy Tel:
+353 (1) 679 6363



Dr. Dermot Corcoran,  Head of Exploration,  Petroceltic International plc,  is 
the qualified person who has  reviewed and approved the technical  information 
contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in
Geophysics, and  a Masters  degree in  Business Administration,  all from  the 
National University of Ireland, Galway. He  also holds a Ph.D in Geology  from 
Trinity College, Dublin. Dr.  Corcoran has over 20  years experience in oil  & 
gas exploration and production, and  has previously worked at ExxonMobil,  the 
Petrofina Group, and Statoil.





Notes to the editors



Petroceltic International plc (AIM:PCI.L, ESM:  EG5, ISIN: IE0003186172) is  a 
regionally focused North Africa, Mediterranean  and Black Sea independent  oil 
and gas company with a  balanced portfolio comprising production,  development 
and high-impact exploration  assets. The  Company has  interests in  Bulgaria, 
Egypt, Algeria, the  Kurdistan Region of  Iraq, Italy and  Romania and has  2P 
reserves of 79.2 MMboe as at 30 June 2012 in addition to, contingent resources
of 357 MMboe and unrisked prospective resources of 1,365 MMboe as at 1 January
2012.





                     This information is provided by RNS
           The company news service from the London Stock Exchange

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