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 ANNOUNCEMENT --ENDS-- Enquiries: ADRIATIC OIL PLC Bruno Müller +44 (0) 20 3178 4060 SVS SECURITIES PLC - ISDX Corporate Adviser 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. The Company holds 15.5% of this Licensing Option. Additionally, 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 www.adriaticoil.com END -0- Apr/11/2013 06:00 GMT
ADRIATIC OIL PLC: Further Re: Licensing Option 12/5
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