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
ADRIATIC OIL PLC: Publication of Independent Resource Assessment
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