24 February 2014 Adriatic Oil Plc ("Adriatic" or the "Company") RELINQUISHMENT OF SEAWARD PRODUCTION LICENCE P1921 The Directors of Adriatic, the ISDX Growth Market quoted international oil and gas exploration company, announce that the Company has decided to relinquish Seaward Production Licence P1921 containing Blocks 12/18 and 12/19c (the "Blocks") in the Inner Moray Firth, UK North Sea, following an evaluation (the "Evaluation"). The Evaluation, which was fully funded by Adriatic, included re-processing and reinterpretation of existing 3D seismic data. It failed to identify sufficient prospectivity in the primary target interval to warrant entering into the second exploration period, for which there were substantial additional spending commitments. Elixir Petroleum Limited (20% working interest) concurs with Adriatic's interpretation, and both parties have proceeded with the relinquishment of the Blocks. The Company intends to participate in the 28th North Sea Application Round, which is currently open for bids. THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT --ENDS-- Enquiries: ADRIATIC OIL PLC Bruno Muller +44 (0) 20 3178 4060 SVS SECURITIES PLC - ISDX Growth Market 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 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 12/19a. 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- Feb/24/2014 10:02 GMT
ADRIATIC OIL PLC: Further re Seaward Production Licence p1921
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