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
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
ADRIATIC OIL PLC
+44 (0) 20 3178 4060
SVS SECURITIES PLC - ISDX Corporate Adviser
+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
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
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- Oct/17/2013 14:09 GMT
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