Italy | Oil & Gas Journal

By OGJ editors
HOUSTON, Mar. 8 – Petroceltic International PLC took a farmout from Cygam Energy Inc., Calgary, on the B.R268.RG Permit in the Adriatic Sea off Italy.

Petroceltic will appraise the 15 sq km Elsa structure by drilling and testing an Elsa-2 well adjacent to the existing Elsa-1 that logged a 65-m oil column in 1992 (OGJ Online, Sept. 23, 2009). Drilling is to start in September 2010. Elsa is in 30 m of water 7 km off central Italy.

Petroceltic will pay all well costs, estimated at $40 million. Upon successful completion, a Cygam unit and Petroceltic will participate with 30% and 70% interest, respectively, in the future development, rights, and obligations of the permit.

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