PETROCELTIC, the Middle East North Africa focused oil and gas firm, has won a new exploration licence in Egypt with joint venture partner Edison International Spa.
The North Port Fouad Block is located offshore in the Nile Delta, and sits immediately north of the North Thekah Block awarded to the partners in 2013. The combined area covered by both licences is in excess of 7,000 square kilometres (sq km).
Petroceltic, which acquired Edinburgh-based Melrose Resources in 2012, holds a 50 per cent, non-operated interest in the North Port Foad Block. The stake as an initial three-year term but can be extended to a maximum of eight years.
No wells have been drilled in the block to date, but Petroceltic noted that regional and seismic evidence indicated the proven Nile Delta Oligocene and Levantine Basin Miocene resources were likely to be present.
Major hydrocarbon discoveries have been reported in both areas in recent years.
The official award of the new licence is expected early next year, as soon as the production sharing contract is formally agreed.
Petroceltic chief executive Brian O'Cathain said the North Port Fouad and Thekah blocks licences gives the company "access to a substantial acreage 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."
Shares in Petroceltic closed down 4.25p at 166.75p.
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