Petroceltic awarded share of new licence in Egypt

Petroceltic has been awarded a share of a new licence in Egypt, for which potential oil prospects have already been identified.

The licence block, part of a bidding process which closed last March, will see Petroceltic take a 37.5% stake in Block 12 of the El Qa’a Plain, with Dana Petroleum and Australian explorer Beach Petroleum sharing the remainder.

Commenting on the prospects for the relatively under-explored region, Petroceltic chief executive Brian O’Cathain said yesterday: “We have already identified a number of structures which we believe to be potentially prospective for oil, and these will be the focus of our work in the first phase of the licence.”