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
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
ADRIATIC OIL PLC
+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
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
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
-0- Feb/24/2014 10:02 GMT
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