ADRIATIC OIL PLC: Publication of Independent Resource Assessment

15 November 2013 


                               Adriatic Oil Plc
                ("Adriatic Oil", "Adriatic" or the "Company")
                PUBLICATION OF INDEPENDENT RESOURCE ASSESSMENT

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 the publication of an Independent Resource
Assessment (the "Report") on all of the Company's exploration assets (the
"Assets").

The Report has been prepared by SLR Environmental Consulting
(Ireland) Limited ("SLR"). Further details of SLR's qualifications and
experience are contained towards the end of this announcement.

Below is a summary of the Report, which has been derived from the Executive
Summary section of the Report, plus further information derived from the
various conclusions sections contained within the Report.

A full copy of the Report can be found on the Company's website:
http://www.adriaticoil.com


REPORT SUMMARY

Adriatic Oil has a portfolio of hydrocarbon interests that include
a potential new play in the mature UK Inner Moray Firth with established
production infrastructure; a net profits interest in frontier exploration west
of Ireland in the Porcupine Basin which is receiving renewed interest from
explorers; a licence option in the Celtic Sea offshore Ireland nearby to where
Providence Resources is preparing a development plan for the Barryroe oil
discovery; two licence applications in the highly prospective gas province in
the Northern Adriatic; and a licence application offshore Albania with a
possible gas discovery on the block.

Adriatic Oil has the following assets and applications for assets:

- 0.6% Net Profit Bonus ("NPB") in Frontier Exploration License
1/04 Connemara, Atlantic Margin. Operator: San Leon Energy *

- 15.5% interest in Shanagarry License Option, Blocks 49/18, 49/19,
49/20, 49/23, 49/24 and 49/25, North Celtic Sea, Operator: Fastnet Oil & Gas

- 25% Farm-In interest in Licence P1921 approved by the Department
of Energy and Climate Change (DECC). This contains Blocks 12/18 and 12/19c
located in the Inner Moray Firth, UK North Sea operated by Elixir Petroleum.
Subsequently this Farm-In interest has increased to 80% and the licence
administration and operatorship have transferred to Adriatic Oil.

- Application for 2 Blocks in the Northern Adriatic, offshore
Italy, formerly operated by ENI and Edison, interest 100%

- Application for exploration block North Rodoni, Southern
Adriatic, offshore Albania, interest 100%

* In September 2013, San Leon Energy announced the proposed sale of its
working interest in Frontier Exploration License 1/04 Connemara to Ardilaun
Energy Limited.

List of Adriatic Oil Assets and Applications:

ASSET       OPERATOR     INTEREST     STATUS      EXPIRY DATE   AREA

Connemara   San Leon *   0.6% Net     Oil         14 April 2020 622.6 sq km
Frontier                 Profit Bonus Discovery
Exploration              Agreement
Licence
1/04


Shanagarry  Fastnet Oil  15.5%        Licence     31 December   881 sq km
Licence     & Gas                     Option      2014
Option 12/5


Inner Moray Adriatic Oil 80%          Seaward     Drill or drop 200.2 sq km
Firth                                 Production  option
Blocks                                Licence     early 2014
12/18 &
12/19c
(SPL P1921)


North       Adriatic Oil 100%         Licence     Application   714 sq km
Rodoni                                Application approval
Exploration                                       awaiting
Licence,                                          completion of
offshore                                          Albpetrol
Albania                                           privatisation


                                       
North       Adriatic Oil 100%         Licence     Awaiting      190.6 sq km
Adriatic                              Application approval
Licence
d 169
A.R.-A.D.,
offshore
Italy 
North       Adriatic Oil 100%         Licence     Awaiting      430.8 sq km
Adriatic                              Application approval
Licence d
170
A.R.-A.D.,
offshore
Italy 
* In September 2013, San Leon Energy announced the proposed sale of
its working interest in Frontier Exploration License 1/04 Connemara to
Ardilaun Energy Limited. 
The resources associated with Adriatic Oil's licence areas were
categorised according to the scheme adopted by SPE, WPC and AAPG with
modifications in 2007. The volumetrics for the licences were taken from
reports, press releases, public presentations to investors and broker reports
provided by Adriatic Oil. The recoverable resources quoted in the various
reports were reviewed and the most up to date and conservative figure was
adopted. The contingent and prospective resources were examined in detail and
the geological probability of success assessed ("GPoS"). Where a development
plan with cash flow forecast was available a net present value per barrel
("NPV/bbl") or net present value per billion cubic feet of gas ("NPV/BCF") was
calculated for the low, best and high case. Where a development plan was not
available an appropriate field analogue was chosen. 
The standard used includes a range of technical uncertainty, and is
based on a classification scheme, for different project maturities (Ross
2001), as adopted by SPE, WPC & AAPG (2000, 2001) with recent modifications
(SPE, WPC, AAPG & SPEE, 2007) and minor customisation. The abbreviations used
are 1P, Proved Reserves; 2P, Proved plus Probable Reserves; 3P, Proved plus
Probable plus Possible Reserves. The abbreviations 1C, 2C and 3C relate to
corresponding petroleum volumes for Contingent Resources. 
An NPV for the licences was calculated and multiplied by the GPoS
to obtain a risked or estimated NPV ("ENPV"). 
The resource summary is based on a review of previous engineering
studies and update of previous resource estimates. 
Ireland - Connemara Frontier Exploration Licence 1/04: 
The Resource Summary for the entire Connemara Frontier Exploration
Licence 1/04 offshore Ireland is shown below: 
OIL           LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE OPERATOR
CONTINGENT         1C           2C            3C
RESOURCES                   
(MMbbl) 
Connemara          26           175           212      San Leon
Frontier
Exploration
Licence 1/04 
OIL           LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE OPERATOR
PROSPECTIVE        1C           2C            3C
RESOURCES
(MMbbl) 
Connemara          23           180           450      San Leon
1/04
Benbaun
Prospect 
Connemara          29           224           319      San Leon
1/04
Prospect H 
THE INDICATIVE VALUE OF THE CONNEMARA FRONTIER EXPLORATION LICENCE
1/04 NPB INTEREST HELD BY ADRIATIC OIL PLC IS GIVEN BELOW: 
CONNEMARA FIELD                 CONTINGENT RESOURCE 
                  LOW ESTIMATE  BEST ESTIMATE HIGH ESTIMATE 
                         1C            2C            3C
NPB VALUE ($ MILLION)     0.27          1.77          2.14 


    BENBAUN &H PROSPECT             PROSPECTIVE RESOURCE
                      LOW ESTIMATE  BEST ESTIMATE HIGH ESTIMATE
                           1C            2C            3C

NPB VALUE ($ MILLION)     0.21          1.61          3.17


The Connemara FEL 1/04 contains the discovered but currently
sub-commercial Connemara Field for which a pilot development programme using
an FPSO has been outlined by San Leon. There are also a number of leads and
two well defined prospects. The Benbaun Prospect is based on a 3D survey
acquired in 2011 whereas the H Prospect is only defined on older 2D data.


Ireland - Shanagarry Licence Option 12/5:

The gross Prospective Resource Summary for Shanagarry Licence
Option 12/5 offshore Ireland is shown below:


UPPER WEALDEN GAS:


                     UNITS         P50
AREA                     acres       6,795
NET PRODUCTIVE THICKNESS ft             40
RESERVOIR BULK VOLUME    MM ft3  1.184E+10
POROSITY                 %             18%
GAS SATURATION           %             75%
GAS EXPANSION FACTOR            0.01176471
GIIP                     BCF         135.9
GPoS                     %             10%
RISKED VOLUME GAS        BCF          13.6 
LOWER WEALDEN OIL: 
                     UNITS         P50
AREA                     acres      18,595
NET PRODUCTIVE THICKNESS ft             45
RESERVOIR BULK VOLUME    MM ft3 6491700450
POROSITY                 %             18%
OIL SATURATION           %             75%
FORMATION VOLUME FACTOR                1.1
STOIIP                   MMBbls      796.6
GPoS                     %             14%
RISKED VOLUME OIL        MMBbls      111.5 
LATE KIMMERIDGIAN-PORTLANDIAN GAS: 
                     UNITS        P50
AREA                     acres     18,595
NET PRODUCTIVE THICKNESS ft            75
RESERVOIR BULK VOLUME    MM ft3 6.075E+10
POROSITY                 %             9%
GAS SATURATION           %            60%
GAS EXPANSION FACTOR            0.0037037
GIIP                     BCF        885.7
GPoS                     %             5%
RISKED VOLUME GAS        BCF         44.3 
MIDDLE & UPPER JURASSIC OIL: 
                     UNITS        P50
AREA                     acres     18,595
NET PRODUCTIVE THICKNESS ft            33
RESERVOIR BULK VOLUME    MM ft3 4.761E+09
POROSITY                 %             6%
OIL SATURATION           %            65%
FORMATION VOLUME FACTOR               1.1
STOIIP                   MMBbls     168.8
GPOS                     %             4%
RISKED VOLUME OIL        MMBbls       6.8 
PURBECK OIL: 
                     UNITS        P50
AREA                     acres     18,595
NET PRODUCTIVE THICKNESS ft            34
RESERVOIR BULK VOLUME    MM ft3 4.905E+09
POROSITY                 %            15%
OIL SATURATION           %            75%
FORMATION VOLUME FACTOR               1.1
STOIIP                   MMBbls     501.6
GPoS                     %            12%
RISKED VOLUME OIL        MMBbls      60.2 
UPPER/MIDDLE JURASSIC GAS: 
                     UNITS        P50
AREA                     acres     18,595
NET PRODUCTIVE THICKNESS ft            33
RESERVOIR BULK VOLUME    MM ft3 2.673E+10
POROSITY                 %             6%
GAS SATURATION           %            65%
GAS EXPANSION FACTOR            0.0030303
GIIP                     BCF        321.1
GPoS                     %             5%
RISKED VOLUME GAS        BCF         16.1 
Adriatic Oil's 15.5% interest in the risked Shanagarry Prospective
Resources is summarised below: 
UPPER WEALDEN GAS                     MIDDLE & UPPER JURASSIC OIL
Risked Volume Gas  BCF           1.6  Risked Volume Oil  MMBbls     0.8 
LOWER WEALDEN OIL                     PURBECK OIL
Risked Volume Oil  MMBbls       12.8  Risked Volume Oil  MMBbls     6.9 
LATE KIMMERIDGIAN-PORTLANDIAN GAS     UPPER/MIDDLE JURASSIC GAS
Risked Volume Gas  BCF           5.1  Risked Volume Gas  BCF        1.9 


                                     

Only P50 or best case risked volumes are considered at this time
because there is limited mapping of structures based on old 2D seismic. The
structural areas will be better defined when 3D seismic data becomes available
next year.

The risked volume of prospective hydrocarbon resources within the
Shanagarry Licence Option area is too low to obtain a positive Net Present
Value for the prospects based on a meaningful Field Development Plan. The 3D
seismic data will further de-risk the oil and gas prospects and increase the
risked oil and gas volume.


United Kingdom Assets - Blocks 12/18 and 12/19c, Inner Moray Firth,
North Sea:

The Prospective Resources summary for the Adriatic Oil interest in
Blocks 12/18 and 12/19c, Inner Moray Firth, North Sea, is as follows:

PROSPECT             GROSS (1)    NET ATTRIBUTABLE (2)
                                 
                   LOW BEST HIGH  LOW     BEST   HIGH   RISK   OPERATOR
                       EST                EST           FACTOR
         Oil       167 266  376    134    213    301


     (MMbbl) 
MJB1     Gas (Bcf) 21   33   48    17      26     38    8%     Adriatic 
     MMboe (3) 170 271  385    136    217    308 
Notes: 
1) Gross = 100% of the Resources attributable to P.1921 (i.e. `On
Block' resources) 
2) 80% Net Attributable to Adriatic following interest assignment
from Elixir 
3) Oil equivalence based on 6000 scf/bbl 
A single large stratigraphic lead (MJB1) has been identified as an
acoustic impedance anomaly in the Middle Jurassic Beatrice Formation in the
licence area. This lead opens a new play opportunity in the Inner Moray Firth.
It is regarded as a high-risk prospect, with a GPoS of 8%. However there is
development infrastructure within 55kms and a subsea tieback may be possible
if a discovery was made at the lower end of the reserve range. 
It is estimated that the current value of Adriatic Oil's interest
in the licence at this time is considerably less than $1million. However,
there is an expectation that this could increase to a value in the range of
$4-8 million on completion of the current technical programme that will enable
a more rigorous evaluation of the prospect to be undertaken. This value
assumes that a drillable prospect is identified and the funds raised to enable
a drilling commitment to be made so as to convert the Promote Licence to a
full Exploration Licence. 
Albanian Applications: 
Adriatic acquired Pelagian Oil ("Pelagian") in 2012. In 2010,
Pelagian had applied for a Production Sharing Contract covering the offshore
Albania North Rodoni licence area and this was due to be awarded by Albanian
authorities to Pelagian in 2011. However, this process has been delayed by a
number of factors, including the election of a new government in 2013.
Adriatic is hopeful that negotiations on the application can recommence
shortly. 
The National Agency of Natural Resources of Albania ("NANR") has
estimated the total unrisked potential gas in place in the Rodoni block as 700
BCF based on three mapped structures and the total unrisked potential oil in
place as 362 MMbbls based on three mapped structures. These figures cannot be
verified in the absence of the seismic data which is not yet available. 
Adriatic's proposed work programme that includes re-processing all
the 2D seismic from field tapes, a thorough seismic interpretation including
inventory of all seismic anomalies, AVO re-processing and integration with
geological data after well calibration on largest seismic anomalies, log
interpretation for possible by-passed hydrocarbon zones, will identify
drillable prospects and prospective resource estimates. 
Italian Applications: 
Adriatic Oil has applied for two Licence Blocks, d 169 A.R.-.AD and
d 170 A.R.-.AD, in the Northern Adriatic, offshore Italy, formerly operated by
ENI and Edison. The target prospects are young turbidite reservoirs which are
well known and a number of biogenic gas discoveries have been made over the
last 30 years. The Guendalina gas field, now on production, lies only 25kms
north-west of the d 170 application area boundary and has proven reserves of
19 Bcf estimated by ENI. 
As proposed by Adriatic Oil, the purchase and reprocessing of the
ENI Adria 3D seismic survey data over these blocks will allow the Company to
map drillable prospects. In the absence of mapped drillable prospects it is
not possible to calculate prospective resources in the licence area or
calculate a net present value of the asset. 
REPORT'S CONCLUSIONS 
The information below has been derived from the individual
Conclusion sections from within the different sections of the Report, which
describe the Company's assets in detail. 
Ireland - Connemara Frontier Exploration Licence 1/04: 
The Connemara FEL 1/04 contains the discovered but currently
sub-commercial Connemara Field for which a pilot development programme, using
an FPSO, has been outlined by San Leon. There are also a number of leads and
two well defined prospects. The Benbaun Prospect is based on a 3D survey
acquired in 2011 whereas the H Prospect is only defined on older 2D data. 
The Porcupine Basin is attracting significant exploration companies
including Woodside Petroleum, Cairn Energy and Kosmos Energy to farm into
licence options. Currently held assets are likely to hold their value for some
time. 
Ireland - Shanagarry Licence Option 12/5: 
The Shanagarry Licence Option lies on the main hydrocarbon fairway
of the North Celtic Sea Basin. The Shanagarry structure, in the northern part
of the licence option, is one the largest in the North Celtic Sea Basin. The
Marathon 49/19-1 well, drilled in 1984, encountered hydrocarbons at several
levels despite being drilled downflank on this structure. The licence option
is surrounded by several small currently uncommercial oil and gas fields with
hydrocarbons reservoired in both the Lower Cretaceous and the Jurassic. There
is clearly a proven Lower Jurassic source for both oil and gas and evidence
suggests that the shallower Purbeckian source rock has generated hydrocarbons
in the area. Evidence from local wells supports the model, proven on the large
Barryroe/Seven Heads oil and gas field, of gas in the upper part of the Lower
Cretaceous and oil in the lower part of the Lower Cretaceous and topmost Upper
Jurassic. 
To date exploration in the area has been limited by the very poor
quality of existing seismic data and the general lack of 3D data. Recent 3D
surveys by operators such as Providence Resources and Lansdowne Oil & Gas
(O'Sullivan, 2012; Wright and Donovan, 2012) show that excellent data can be
acquired in the basin and that it is now becoming possible to reliably map
reflectors in the Jurassic in the deepest parts of the basin for the first
time. Recent work in Barryroe (Providence press releases; Wright and Donovan,
2012) shows a major advance in the ability to image individual sands and sand
packages within the Lower Cretaceous Wealden sequence. This seismic imaging
confirms the sedimentological model and opens up prospects of mapping combined
structural/stratigraphic plays in the Lower Cretaceous. 
In the northern part of the Shanagarry block it may be difficult to
map individual sand packages in the more deeply buried Jurassic sequence with
reprocessed 2D seismic, but in the southern parts of the block reprocessed 2D
seismic should enable much more meaningful mapping of Jurassic and locally
older Triassic plays. The new 3D seismic acquisition planned over the main
Shanagarry structure in 2014 should allow a dramatic improvement in the
quality of the structural mapping and much improved confidence in fault
correlation resulting in significant de-risking of the prospect. In addition
the enhanced resolution of the 3D data, especially in the Wealden, should
allow mapping of sand packages and possibly their fluid content. 
The agreed work programme includes an important integrated
geochemical study on both the maturity and richness of this source rock
sequence. 
The field analogue for the Lower Cretaceous play is the Barryroe
oilfield recently appraised by Providence in 2011/12. The analogues for the
Jurassic include the nearby Hook Head oilfield, the Dragon gas field in St
Georges Channel and the Jurassic oilfields in the Kimmeridge / Wytch Farm area
of Southern England. The Triassic analogues include the Sherwood Sandstone
Wytch Farm oilfield in the UK, the East Irish Sea Morecambe gas field and the
Corrib gas field West of Ireland. 
The nature of the Barryroe waxy oil accumulation is such that it
will require a large number of horizontal production and water injection
wells. A similar accumulation in the Shanagarry Block will need to be
significant in size to justify a similar development plan. The 3D seismic data
should improve the GPoS and result in a larger risked volume of prospective
resource. 
United Kingdom Assets - Blocks 12/18 and 12/19c, Inner Moray Firth,
North Sea: 
Exploration in the southern part of Quad 12 has concentrated on
identifying fault block traps similar to the Beatrice Field. Success has been
limited, with dry holes frequently ascribed to the failure of top seal in the
variable, and frequently quite sandy, Heather and Kimmeridge Clay formations. 
A single large stratigraphic lead (MJB1) has been identified as an
acoustic impedance anomaly in the Middle Jurassic Beatrice Formation in the
licence area. This lead opens a new play opportunity in the Inner Moray Firth.
It is regarded as a high-risk prospect, with a GPoS of 8%. The current
technical evaluation programme being undertaken by Adriatic should go some way
towards derisking the prospect and identifying a drillable target. If this is
successful and the funds are raised, this should enable the conversion of the
current Promote Licence to a full Exploration Licence. There is considerable
infrastructure in the area, and any discovery could be undertaken by utilising
it, thus reducing the cost. 
Albanian Applications: 
Adriatic Oil's negotiations to obtain the North Rodoni exploration
licence offshore Albania are currently suspended until the new government is
in place in mid-September[r1] 2013. 
The licence area is 714 sq km in relatively shallow water (maximum
120m water depth). There is one possible gas discovery on the block, Rodoni 1,
which was drilled by OMV in 1996. In addition three other leads have been
mapped by GasPlus and NANR but as noted they cannot be validated in the
absence of seismic data that will come available once the licence is awarded. 
Adriatic's proposed work programme that includes re-processing all
the 2D seismic from field tapes, a thorough seismic interpretation including
inventory of all seismic anomalies, AVO re-processing and integration with
geological data after well calibration on largest seismic anomalies, log
interpretation for possible by-passed hydrocarbon zones, will identify
drillable prospects and prospective resource estimates. 
Italian Applications: 
Adriatic Oil has applied for two Licence Blocks, d 169 A.R.-.AD and
d 170 A.R.-.AD, in the Northern Adriatic, offshore Italy, formerly operated by
ENI and Edison. The target prospects are young turbidite reservoirs which are
well known and a number of biogenic gas discoveries have been made over the
last 30 years. The Guendalina gas field, now on production, lies only 25kms
north-west of the d 170 application area boundary and has proven reserves of
19 Bcf estimated by ENI. 
As proposed by the client the purchase and reprocessing of the ENI
Adria 3D seismic survey data over these blocks will allow them to map
drillable prospects. 
In d 170 it is proposed that an exploration well, with the
objective of investigating the entire succession of the Carola and Porto
Garibaldi sandstones and intersecting the surface of the marine transgression
which separates these from the underlying Saterno Formation should be drilled
to a depth of at least 2,500 metres subsea. 
In d.169 it is proposed that an exploration well, with the
objective of investigating the entire succession of the Carola and Porto
Garibaldi sandstones and penetrating the Top Miocene Limestone should be
drilled to a depth of at least 1,800 metres subsea. 
Any potential gas discoveries in either d 169 or d 170 could be
connected to the numerous gas platforms within a 15-20km radius of the licence
areas reducing the costs of piping the gas to the coastline, extending the
productive life of the existing fields and postponing the problems associated
with decommissioning. 
FURTHER INFORMATION ON SLR CONSULTING LIMITED AND THE REPORT 
SLR Environmental Consulting (Ireland) Ltd of 7 Dundrum Business
Park, Windy Arbour, Dublin 14, Ireland, has been commissioned by Adriatic Oil
Plc to complete a Competent Persons Report on their assets offshore Ireland,
UK, Albania and Italy. These include the Shanagarry Licensing Option over
blocks 49/18(p), 49/19(p), 49/20(p), 49/23(p), 49/24(p) and 49/25(p) in the
North Celtic Sea offshore Ireland; a Net Profits Bonus in Frontier Exploration
Licence 1/04, North Porcupine Basin, offshore Ireland; the IMF blocks 12/18
and 12/19c in the Inner Moray Firth Basin, offshore UK: a farm-in agreement to
the Albpetrol-operated North Rodoni Production Sharing Contract, offshore
Albania; and an application for Licence Blocks "d 169 A.R.-.AD" and "d 170
A.R.-.AD" in the Northern Adriatic Sea, offshore Italy. 
The Independent Resource Assessment Report has been prepared by Mr
Martin Davies, Mr Nick O'Neill, Mr Nick Wright and Mr Richard Vernon based on
data supplied by Adriatic, a literature search carried out by SLR and some
independent verification. The data comprised letters of award of licenses,
well logs, seismic lines, geochemical reports and interpreted data. SLR has
exercised due diligence and independent analysis where appropriate on all
technical information supplied by Adriatic. 
Richard Vernon has some 30 years' experience in the energy sector.
After graduating with a business degree majoring in accounting and marketing,
he worked as a financial analyst specialising in the Canadian oil and gas
sector. He then joined the London based consultancy Petroleum Economics
Limited and covered all aspects of the international oil and gas industry,
including exploration/production and refining/marketing, taxation and
licensing regimes, supply/demand/price strategies and forecasting, etc. for a
wide range of clients including governments, international institutions and
national and private oil companies. Subsequently, he moved to the US based
multinational oil and gas company Phillips Petroleum Company as Director of
External Affairs, responsible to the Managing Director of the Europe/Africa
Division. Within SLR Richard is responsible for the economic assessment and
analysis technical areas. 
Martin Davies BSc FGS Chart Geol EurGeol PESGB is a Senior
Petroleum Geologist. Mr Davies joined SLR in 1993 after 18 years international
experience in oil and gas exploration development and production, both onshore
and offshore, with British Petroleum. He has worked in Ireland, the UK, North
Africa, the Middle East and the Far East. He has worked on a number of
exploration portfolio evaluations for UK and Irish based independent oil
companies. 
Nick O'Neill BSc MSc PGeo EurGeol MEI PESGB M AAPG is a Senior
Petroleum Geologist and Director of SLR. Mr O'Neill joined SLR in 1994, having
worked internationally in oil exploration operations since 1977. He was
operations manager in the Middle East for an oilfield service company. He
obtained an MSc in Petroleum Geology in 1986. He was operations geologist with
BP and Shell in London and Aberdeen responsible for North Sea exploration
operations. He has written a number of valuations and CPR reports on
hydrocarbon properties in the US, West Africa, and Italy for UK and Irish
based independent oil companies. 
Nick Wright BA, MA Natural Sciences (Geology) is an advisor on oil
and gas valuations, portfolio management, risk assessment for exploration and
development assets. He is a technical consultant to various Nominated Advisors
(Nomads) on the AIM market and consultant to E & P companies in areas of asset
assessment, valuations, acquisitions, divestments, fund raising, floatations,
etc. 
The evaluation presented in this report reflects our informed
judgement based on accepted standards of professional investigation, but is
subject to generally recognised uncertainties associated with the
interpretation of geological, geophysical and subsurface reservoir data. It
should be understood that any evaluation, particularly one involving
exploration and future petroleum developments, may be subject to significant
variations over short periods of time as new information becomes available.
Other than for the purposes of completing the Technical Evaluation Report,
neither SLR nor any SLR staff involved in its preparation has any commercial
interest in Adriatic Oil Plc or any associated companies. 
SELECTED GEOLOGICAL DEFINITIONS 
The following geological definitions apply throughout this announcement: 
"1C"                                          Denotes low estimate scenario of 
Contingent Resources 
"2C"                                          Denotes best estimate scenario of 
Contingent Resources 
"2D"                                          two dimensional 
"3C"                                          Denotes high estimate scenario of 
Contingent Resources 
"3D"                                          three dimensional 
"AAPG"                                        American Association of Petroleum 
Geologists 
"AVO"                                         In geophysics, amplitude versus 
offset (AVO) or amplitude 
                                          variation with offset is a 
variation in seismic reflection 
                                          amplitude with change in distance 
between shotpoint and receiver 
"bbl"                                         Barrels 
"BCF"                                         Billion cubic feet of gas 
"ENPV"                                        Expected Net Present Value 
"FPSO"                                        Floating Production Storage and 
Off-loading 
"Ft"                                          feet 
"ft3"                                         Cubic feet 
"GIIP"                                        Gas initially in place 
"GPoS"                                        Geological probability of success 
"km"                                          Kilometres 
"MM"                                          Million 
"MM bbl"                                      Millions of barrels 
"MMboe"                                       Millions of barrels of oil 
equivalent 
"NPV"                                         Net present value 
"P50"                                         there should be at least a 50% 
probability that the quantities 
                                          actually recovered will equal or 
exceed the best estimate 
"scf"                                         Standard Cubic Feet 
"SPE"                                         Society of Petroleum Engineers 
"SPEE"                                        Society of Petroleum Evaluation 
Engineers 
"Sq km"                                       Square kilometres 
"STOIIP"                                      Stock Tank Oil Initially in Place 
"WPC"                                         World Petroleum Congresses 
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- Nov/15/2013 07:00 GMT
 
 
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