Shares in upstream oil and gas explorer Petroceltic International fell 1.25 per cent to 7.11p at 10:49 on Friday following news of a change to the timing of commitments on a permit for a well in Northwest Italy.
The AIM-listed company stated that it had been advised that the operator of its Carisio permit - Italian energy major Eni - had lodged an application with the Ministry of Economic Development to suspend the current timing of the commitments on the permit until the completion of the environmental approval process for the Carpignano Sesia-well.
Following the most recent submission of further environmental studies to the local environmental and regulatory authorities, this current phase of the permitting process is expected to be completed in the first quarter of 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Further clarity on the timing of the drilling of the Carpignano Sesia-1 well is expected upon completion of this current permitting phase.
Petroceltic International focuses on north Africa, the Mediterranan and Black Sea regions. Its strategy is to discover and acquire assets with material hydrocarbon resource potenrtial and to exploit the assets to deliver superior shareholder value.
Both Petroceltic International and Eni have a 47.5% stake in that permit.
Italy is the third largest producer of oil and fifth largest producer of gas in western Europe. Proven reserves in Italy to date exceed 622m barrels of crude oil and 8 trillion cubic feet of gas. In spite of its existing reserves, the country remains a large net importer of hydrocarbons, thus there is a large market for domestically produced gas.
MF
-
Six out of 10 retirees who accessed a pension didn’t use Pension Wise - how does the guidance service work?Many pension savers don’t bother using the free government-backed service Pension Wise. So, how does it work, and could it be useful for you?
-
UK-EU trade deal: Britain to get a £9bn boost to the economy by 2040The government’s agreement with the EU follows on from separate deals with India and the United States. Will it breathe life into the UK economy?
