Petroceltic International lands two Egypt licences

Petroceltic International shares climbed Friday after the oil and gas company announced a new partnership with Edison International Spa which owns the North Thekah and South Idku licences in Egypt.

Petroceltic International shares climbed Friday after the oil and gas company announced a new partnership with Edison International Spa which owns the North Thekah and South Idku licences in Egypt.

North Thekah is located offshore the Nile Detla and potentially contains an extension of the Levantine Basin exploration which has yielded significant discoveries in the region.

The company has a 50% non-operated interest in the concession which has an initial three-year term with an option to extend to eight years. The first three years will be spent working on 1,500 square kilometres of 3D seismic data.

The South Idku block is located in Petroceltic's core Egyptian operating area, onshore the Nile Delta. The group has a 75% operated interest in the licence which has an initial three year term which can be extended for six years. Work will include 2D and 3D seismic data and two exploration wells.

"We are delighted to have been awarded both blocks which, together with last year's El Qa'a Plain award, onshore the Gulf of Suez, significantly enhance our Egyptian exploration portfolio," said Chief Executive Brian O'Cathain.

"Furthermore, the award of these blocks is consistent with our strategy of organic growth and opportunistic resource capture in territories where we have existing operations, knowledge and experience."

RD

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