ADRIATIC OIL PLC: Further Regarding Seaward Production Licence P1921 17 October 2013 Adriatic Oil Plc ("Adriatic Oil" or the "Company") Further Regarding Seaward Production Licence P1921 Further to the announcement on 3 September 2013, the Board of Adriatic Oil, the ISDX Growth Market quoted international oil and gas exploration company, announces that the UK Department of Energy and Climate Change ("DECC") has approved the variation of Adriatic Oil's farm-in (the "Farm-In") to the Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/19c (the "Licence"). Following this approval by DECC, Adriatic Oil and Elixir Petroleum Limited ("Elixir") have completed the variation of the Farm-In and Adriatic Oil now has a total working interest of 80% in the Licence. The administration of the Licence is now the responsibility of Adriatic Oil and the Company has become the Licence's operator, under the terms of a joint operating agreement between Adriatic Oil and Elixir. The previous work programme, to the extent not completed, has been terminated and the further farm-in option and overriding royalty interest arrangements entered into under the original Farm-In agreement has also been terminated. Adriatic Oil has agreed to undertake a revised work programme (the "Revised Work Programme") to re-process and interpret existing 3D seismic data at its own cost. Adriatic Oil has 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. 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 3700 0100 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 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- Oct/17/2013 14:09 GMT
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ADRIATIC OIL PLC: Further Regarding Seaward Production Licence P1921
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