Petroceltic (LON:PCI) , the AIM and ESM listed oil and gas group that works in North Africa, the Middle East and the Mediterranean, has agreed a tie-up with the Middle East new ventures arm of Hess (NYSE:HES) and executed two Production Sharing Contracts (PSCs) with the Kurdistan Regional Government of Iraq (KRG). The PSCs cover the Dinarta and Shakrok exploration blocks in the central north of Kurdistan.
Brian O'Cathain, the chief executive of Petroceltic, said: “The signature of the Dinarta and Shakrok PSCs represents Petroceltic's entry into an exciting new region and with an outstanding partner in Hess. These highly prospective blocks add further high impact exploration potential to our portfolio and complement our ongoing exploration and appraisal activities in Algeria and Italy. While significant discoveries have already been made, the Kurdistan Region of Iraq remains, a vastly under explored area with huge potential. Our exploration activities in the region are already progressing and we plan to open an office in Erbil in the coming months. We have worked closely with the KRG and our co-venturer Hess to conclude these agreements, and are now delighted to have signed the PSCs. We are committed to continuing to work closely with the KRG to maximize the value of these blocks for both the Government and people of the Kurdistan Region of Iraq, and our shareholders.”
Dinarta is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in Kurdistan. The block, which covers an area of 1319 sq km, is located approximately 75 kms north of Erbil and along trend from the significant Shaikan, Atrush and Swara Tika oil discoveries. The block itself contains a number of identified surface structures, the largest of which, the Chinara Anticline, is 25 kms along strike from the Swara Tika-1 well, currently reported to be testing a significant new oil discovery. The other structures on the block also have significant potential surface closure areas with multiple reservoir targets believed to be likely to be present in the Jurassic and Triassic strata preserved in this block. The resource potential of the identified structures is considered by Petroceltic to be very significant.
Shakrok is a highly prospective undrilled block in a proven but largely unexplored area along trend from existing discoveries in Kurdistan. The block, which covers an area…
Any clues to how they will manage to stump up 72mil USD within the next 6 months?
.gif)
