25 May 2012

Adriatic deal for Petroceltic

01/06/2010 Robert Tyerman

Petroceltic International has signed a $26 million (£17.8 million) farm-out and investment agreement for its Elsa-2 offshore Adriatic well.

The Dublin-based company, steered by chief executive Brian O’Cathain, is ceding 15 per cent of this offshore Italian project, holding estimated potential oil reserves of 100 million barrels, to Toronto-quoted Orca Exploration. In exchange, Orca has agreed to pay 30 per cent of drilling and completion costs for Elsa-2 up to $11.52 million, to pay Petroceltic 15 per cent of the well’s back costs up to £360,000 and to share future project costs pro rata.

At the same time, Jersey-based investment fund Gemini Oil & Gas is to provide £9.6 million to AIM-quoted Petroceltic in three tranches in exchange for a revenue-sharing deal. O’Cathain says the company expects to start drilling at Elsa-2 in the fourth quarter of this year.

At 11.5p, Petroceltic shares value the company at an undemanding £230 million.

Sector: Oil & Gas Producers

Companies: Petroceltic

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