Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, is pleased to announce its participation in a joint venture which was the successful bidder on Block 12 'El Qa'a Plain' in the 2011 Egypt General Petroleum Corporation (EGPC) bid round which closed on March 29, 2012.
Partners in the application were Petroceltic (37.5% Working Interest), Dana Petroleum (37.5% Working Interest, as Operator), and Beach Petroleum (25% Working Interest). The block is composed of two largely unexplored areas covering 1824 square kilometres in the southern part of the Sinai Peninsula, east of the prolific Gulf of Suez. The overall licence term for the Block is 6 years, with the work commitment in the first 4 year period comprising the acquisition of a minimum 450 square kilometres of new 3D seismic data and the drilling of at least one exploration well.
It is expected that the new concession will be formally awarded in 2013 following the ratification process which culminates when each concession is passed into law by the People's Assembly (Parliament).
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