28 March 2013
Adriatic Oil Plc
("Adriatic Oil" or the "Company")
Result of Annual General Meeting
The Company announces that at the Annual General Meeting ("AGM") held today all
the resolutions proposed were passed.
At the AGM, Bruno Müller, Chief Executive of Adriatic Oil, said:
"Since the Company's last AGM, Adriatic Oil has reported progress in relation
to farming into exploration assets in the UK North Sea and the farming out of
assets in the North Celtic Sea. The Board believes that the Company's strategy
of partnering with third party exploration companies should help to achieve its
objective of increasing the value of such assets. The Board of Adriatic Oil
also expects to be in a position to give updates in relation to Albania and
Italy in the course of the coming year."
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
ADRIATIC OIL PLC
+44 (0) 20 3178 4060
SVS SECURITIES PLC - ISDX Corporate Adviser
Peter Ward / Alexander Brearley
+44 (0)20 7638 5600
YELLOW JERSEY PR LIMITED - Financial PR
Dominic Barretto / Anna Legge
+44 (0) 20 3664 4087
NOTES TO EDITORS:
Adriatic Oil Plc is a publicly quoted UK-incorporated international oil and gas
exploration company with a portfolio of activities focused on the North Celtic
Sea, the UK North Sea and the Adriatic Sea Basin.
In the North Celtic Sea, the Company has agreed with Fastnet Oil & Gas plc to
farm-out 64.5% of its original 80% interest in a Licensing Option which covers
an area of 881 sq. km. Following execution of the Farm-in Agreements, the
Company will hold 15.5% of the Licensing Option. The Company has a second small
carried interest in offshore Western Ireland.
Separately, in the Inner Moray Firth area of the UK's North Sea, Adriatic Oil
has secured a 25% Farm-In, approved by the UK Department of Energy and Climate
Change, to Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/
19c and the Company has an option for a further 25%.
Adriatic Oil is also focused on making and progressing applications for
offshore exploration opportunities in Albania, which holds the largest onshore
oilfield ever found in Europe with 5.7 billion barrels of oil in place.
Adriatic Oil's strategy is to add shareholder value by proving and developing
leads and plays in areas which the Directors of the Company consider to be high
potential oil and gas provinces. Adriatic Oil's ordinary shares are quoted on
the ISDX Growth Market (operated by ICAP Securities & Derivatives Exchange
Limited) under the ticker symbol 'ADOP'. The Company's website is available at
-0- Mar/28/2013 11:13 GMT
Press spacebar to pause and continue. Press esc to stop.