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Monday, September 22, 2014
Petroceltic International plc, as part of a JV with Edison International, was one of the winners in the EGAS licensing round. The Petroceltic/ Edison JV was the successful bidder for the North Port Fouad Block in the Nile Delta.
North Port Fouad lies to the north of, and immediately adjacent to, the North Thekah Block, which was awarded to the Petroceltic/Edison JV in 2013.
There have been no wells drilled on the North Port Fouad block to date but regional and seismic evidence indicates that the proven Nile Delta Oligocene and Levantine Basin Miocene plays are likely to be present. Major hydrocarbon discoveries have been reported in both plays in recent years. Petroceltic has a 50% non-operated interest in North Port Fouad, which has an initial three-year term and is extendable up to a maximum duration of eight years. The firm work program commitment in the initial three-year term comprises the acquisition of 1,000 sq km of 3D seismic data. There is no well obligation in the first license period.
It is expected that the new license will be formally awarded in early-2015 following ratification and finalization of the PSC.
Brian O’Cathain, Petroceltic’s Chief Executive, commented: “We are delighted to have been awarded the North Port Fouad Block which, together with last year’s North Thekah award, gives Petroceltic access to a substantial acreage position in the outer Nile Delta and Levantine Basin plays and significantly enhances our Egyptian exploration portfolio. These blocks are located in an area of the Mediterranean which has yielded several world class Oligocene and Miocene discoveries in recent years. Furthermore, the award of the North Port Fouad block continues with our strategy of opportunistic organic growth in territories where we have existing operations, knowledge and experience.”
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