ADRIATIC OIL PLC: Further Regarding Seaward Production Licence P1921 3 September 2013 Adriatic Oil Plc ("Adriatic Oil" or the "Company") Further Regarding Seaward Production Licence P1921 The Board of Adriatic Oil, the ISDX Growth Market quoted international oil and gas exploration company, is pleased to provide shareholders with an update regarding its Seaward Production Licence P1921. Key Points: * Update regarding Seaward Production Licence P1921 * Appointment of Competent Person to prepare a Competent Person's Report * Change of business address to 45 Pont Street, London SW1X 0BD FURTHER REGARDING SEAWARD PRODUCTION LICENCE P1921 The Company has agreed with Elixir Petroleum Limited ("Elixir") to vary the terms of its farm-in (the "Farm-In") to the Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/19c (the "Licence"), which are located in the Inner Moray Firth area of the UK's North Sea. Under the terms of the variation of the Farm-In, Elixir has agreed to assign an additional 55% working interest in the Licence to Adriatic Oil, increasing Adriatic Oil's total working interest in the Licence to 80% and leaving Elixir with a 20% working interest, conditional upon the approval of the UK Department of Energy and Climate Change. The Farm-In has been varied so that the administration of the Licence will become the responsibility of Adriatic Oil and the Company will also become the operator under the joint operating agreement. In exchange for the assignment and change of operator status described above, Adriatic has agreed to undertake a revised work programme to re-process and interpret existing 3D seismic data at its own cost. It has been agreed that the previous work programme, to the extent not completed, will be terminated and the further farm-in option and overriding royalty interest arrangements entered into under the original Farm-In agreement have been terminated. The Directors estimate that the costs of the above revised work programme will be approximately USD $ 135,000. Adriatic Oil has also agreed to carry Elixir through its share of any and all costs incurred in relation to the Licence, up and until the date of expiry of the initial Licence term, in relation to which, a "drill-or-drop" decision is required to be made by early 2014. APPOINTMENT OF COMPETENT PERSON The Board announces that SLR Environmental Consulting (Ireland) Ltd has been appointed as Competent Person to the Company and has been commissioned to prepare a Competent Person's Report ("CPR") in relation to all of Adriatic Oil's assets. Once completed, this CPR will be the first third party report of its nature to have been prepared in relation to the Adriatic Oil's assets in the history of the Company. Further announcements in relation to the CPR will be made as and when appropriate. CHANGE OF BUSINESS ADDRESS The Company announces that it has changed its business address to 45 Pont Street, London SW1X 0BD. Adriatic Oil's registered officer remains as 11 Old Court House, Old Court Place, London W8 4PD. THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILTY 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 conditionally secured a 80% Farm-In, to the Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/ 19c. Adriatic Oil is also focused on making and progressing applications for offshore exploration opportunities in Albania and Italy. Albania 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- Sep/03/2013 06:00 GMT
ADRIATIC OIL PLC: Further Regarding Seaward Production Licence P1921
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