11 April 2013
Adriatic Oil Plc
("Adriatic Oil" or the "Company")
Further Re: Licensing Option 12/5
The Board of Adriatic Oil, the ISDX Growth Market quoted international oil and
gas exploration company, note the announcement made yesterday by Fastnet Oil
and Gas plc ("Fastnet") in relation to the publication of an Independent
Technical Evaluation Report (the "Report") prepared by SLR Consulting (Ireland)
Ltd for Fastnet on Licensing Option 12/5 (the "Licensing Option") in the North
Celtic Sea. Adriatic Oil has a 15.5% participation in this Licensing Option.
The Report contains, inter alia, a review of several hydrocarbon prospects
within the Licensing Option area. This contains an analysis of the "Shanagarry
Prospect", which is just north of the 49/19-1 well. The Report contains a range
of values for the geological probability of success ("GPoS") in relation to
five potential targets within the Licensing Option area (Upper Wealden Gas,
Late Kimmeridgian-Portlandian Gas, Lower Wealden Oil, Upper/Middle Jurassic Gas
and Purbeck Oil) with accompanying resource estimates. The Report states that
the target with the highest probability of success is the Lower Wealden oil
prospect, followed closely by the underlying Purbeck oil prospect.
The Board believes that the Report confirms the Board's own view about the
prospectivity of the blocks contained within the Licensing Option and
identifies several prospects and leads for a diversity of geological plays for
oil, condensate and gas.
The full Independent Technical Evaluation Report on the Licensing Option is
published on the Fastnet website at: www.fastnetoilandgas.com.
This announcement has been reviewed by Jean-Denis Bouvier, Non-Executive
Director of Adriatic Oil. Mr Bouvier has a BSc. in Geology and a MSc. in Mining
Engineering/Geology, University of Geneva.
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
+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. The Company holds 15.5% of this Licensing Option.
Additionally, the Company has a second small carried interest in offshore
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- Apr/11/2013 06:00 GMT
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