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Adriatic Oil Plc is a publicly quoted UK-incorporated international oil and gas exploration company with a portfolio of activities focused on the North Celtic Sea, the UK North Sea and the Adriatic Sea Basin. Adriatic Oil's strategy is to add shareholder value by proving and developing leads and plays in areas which the Directors of...Read more
12/04/2013Bruno Muller, CEO of Adriatic Oil (LON:ADOP), tells Proactiveinvestors that the recent news from Fastnet, with which ADOP has a 15.5% interest in the Shanagarry prospect in the North Celtic Sea, proves that Adriatic Oil is on the 'right track' to deliver. Bruno says that in a year's time he expects ADOP to be a bigger company.
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Adriatic Oil Plc is a publicly quoted UK-incorporated international oil and gas exploration company with a portfolio of activities focused on the North Celtic Sea, the UK North Sea and the Adriatic Sea Basin.
In the North Celtic Sea, the Company has agreed with Fastnet Oil & Gas plc to farm-out 64.5% of its original 80% interest in a Licensing Option which covers an area of 881 sq. km. Following execution of the Farm-in Agreements, the Company will hold 15.5% of the Licensing Option. The Company has a second small carried interest in offshore Western Ireland.
Separately, in the Inner Moray Firth area of the UK's North Sea, Adriatic Oil has secured a 25% Farm-In, approved by the UK Department of Energy and Climate Change, to Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/19c and the Company has an option for a further 25%.
The Company is also focused on making and progressing applications for offshore exploration opportunities in Albania, which holds the largest onshore oilfield ever found in Europe with 5.7 billion barrels of oil in place.
Adriatic Oil's strategy is to add shareholder value by proving and developing leads and plays in areas which the Directors of the Company consider to be high potential oil and gas provinces.
The Company is a worthy investment opportunity not only due to its experienced management team with a proven ability to source, finance and execute projects but also Adriatic Oil has a diversified asset base, relatively low operating costs and no debt.
Adriatic Oil's ordinary shares are quoted on the ISDX Growth Market (operated by ICAP Securities & Derivatives Exchange Limited) under the ticker symbol 'ADOP'.
Western Ireland Connemara Frontier
Located in the Atlantic margin, offshore of Western Ireland the Frontier Exploration Licence 1/04 contains the undeveloped Connemara oil field and two exploration opportunities: the ‘H’ and the ‘C1’ Prospects. The Connemara oil field was discovered and partially appraised by BP (1979-1984), Statoil (1995-1999) of Norway acquired a new 3D seismic survey and appraised the North East area of the field by drilling two horizontal wells. These wells have flowed light oil rates of up to 6,000 barrels of oil per day.
In 2004, analysis suggested a potential mid-case of 75m barrels. H and C1 represent a mid-case of an additional 237.5m barrels.
Adriatic has a 0.6% net profit bonus in respect of each and every petroleum accumulation within the area of the Frontier Exploration Licence 1/04. The Licence is operated by San Leon Energy plc.
(Adriatic will be carried through all capital investment in exploration, appraisal, development and production and will also have no exposure to any operating costs.)
North Celtic Sea Basin - Shanagarry
Blocks 49/18(SE), 49/19, 49/20(W), 49/23(NE), 49/24(S) and 49/25(NW). These Shanagarry blocks cover an 881sq/m area in the North Celtic Sea Basin, east of, and on trend with Kinsale Gas Field and the undeveloped Barryroe oil field. The acreage lies in a water depth of under 100m. The Blocks were applied for together with two partners in October 2001; Adriatic 80%, Carob Ltd 10% and Petro-Celtex Consultancy Ltd 10%. The Licensing Option runs from December 2012 to March 2014.
North Sea Farm-In - Inner Moray Firth
Blocks 12/18 and 12/19c, a single large prospect, are located 150km north east of Inverness, close to Beatrice and Captain oil fields in a water depth of approximately 75m. Adriatic Oil has secured a 25% Farm-In, approved by the UK Department of Energy and Climate Change, to Seaward Production Licence P1921 in relation to Blocks 12/18 and 12/19c and the Company has an option for a further 25%. The farm-in contract was signed with Elixir Petroleum Limited in December 2012.
The forward work programme will focus on the interpretation of the 3D seismic data set to evaluate and further de-risk the prospect. A drill-or-drop decision will need to be made by early 2014.
Adriatic Sea Basin - North Rodoni (offshore Albania)
One of the least explored shelf areas of the western Mediterranean with only six wells over 12,000km2. Albania has the largest onshore oilfield in Europe with 5.7bn barrels of oil in place. Adriatic is continuing its negotiations regarding various offshore exploration licences in Albania, in particular North Rodoni. Negotiations remain pending due to the privatisation process of Albpetrol.
The open area of North Rodoni 714km2 lies in a maximum water depth 120m, one well (Rodoni 1) has been drilled with possible gas discovery. There is also a possibility of oil discovery in offshore Montenegro – Jadran Juzni 2 (Chevron).
There have been three finds in adjacent Italian waters west of the site:
- Aquila (Agip) oil field (approx. 12,000 barrels per day);
- Falco gas field (potential 27 BCF gas);
- Giove & Rovesti discoveries (unappraised).
Jack Wilson, Chairman
Jack Wilson is an economist, financier and entrepreneur. A graduate of Oxford University with an MBA from INSEAD, he worked on gas forecasting for ESSO UK. He has 35 years City experience. He set up and ran for 11 years an international bank as the first Managing Director and then spent 20 years as Executive Director, Chief Executive and Chairman of public companies listed on the London Stock Exchange. He set up a finance company from scratch which he took to a full listing. Jack Wilson is a builder of companies. In the last 8 years he has been a notifiable investor in ATI Oil Plc and Non-Executive Chairman of Adriatic Oil Plc since September 2009.
Bruno Müller, Chief Executive
Bruno Müller was educated at Zurich University and is the former Managing Director of Pelagian Oil Ltd, a privately held oil and gas exploration company, and is a former Non-Executive Director of ATI Oil Plc. He has also worked as a Partner and Executive Director of Swiss private bank, PBS (sold to Credit Suisse in 2002) and as CEO of the European subsidiary of London merchant bank Singer & Friedlander.
Jean-Denis Bouvier, Non-Executive Director
Jean-Denis Bouvier has over 30 years of experience in oil and gas exploration and production. He has been Chief Executive Officer of Petrogas E&P since 2003, and is also CEO of Petrogas LLC – its subsidiary. Petrogas E&P is an oil and gas exploration and production company producing about 60,000 barrels of oil from fields in the Sultanate of Oman; India, and Egypt. Bouvier previously spent 20 years working with Shell. He has an MSc. in Mining Engineering and Geology from the University of Geneva.
Dipak Patel, Company Secretary
Dipak Patel is a Member of the Institute of Chartered Accountants in England and Wales and a Founder Member of Tax Faculties – Institute of Chartered Accountants in England and Wales. He has a BA Hons degree in Accounting and Finance from the University of Lancaster – Management School. He has worked for PriceWaterhouseCoopers and Barclays Bank Plc.
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Adriatic Oil Plc
No. 1 Grosvenor Crescent
London SW1X 7EF
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Fax +44 (0)20 3178 4061
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