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Adriatic Oil becomes operator of North Sea licence following DECC approval

Published: 16:06 17 Oct 2013 BST

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Adriatic Oil (ISDX:ADOP) has become the operator of a production licence in the UK North Sea, following DECC approval.

The UK's Department of Energy and Climate Change approved the variation of the farm-in to the Seaward production licence P1921 relating to blocks 12/18 and 12/19c.

Through new arrangements with partner, Elixir Petroleum, it means Adriatic has increased its stake to 80% from 25%.

Adriatic has agreed to reprocess and reinterpret existing 3D seismic data at its own cost ahead of a pending ‘drill or drop’ decision which is scheduled in early 2014.

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