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Petroceltic and Edison JV secures North Port Fouad Block in Egypt

A Petroceltic International and Edison International joint venture (JV) has secured the North Port Fouad Block licence, located offshore Nile Delta, Egypt.


The JV secured the licence award as part of the Egyptian Natural Gas Holding Company 2013 International Bid Round.


North Port Fouad (Block 7) lies to the north of and immediately adjacent to the North Thekah Block, which was awarded to a Petroceltic and Edison JV in 2013.


The combined area of both licences is more than 7,000km².


Petroceltic said there have been no wells drilled at the North Port Fouad block to date, but regional and seismic evidence indicates that the proven Nile Delta Oligocence and Levantine Basin Miocene plays are likely to be present.


The company noted that major hydrocarbon discoveries have been reported in both plays in recent years.


Petroceltic has a 50% non-operated interest in Block 7, which has an initial three-year term and is extendable up to a maximum duration of eight-years.


The company's work programme commitment in the first three-year term includes the acquisition of 1,000km² of 3D seismic data and there is no well obligation in the initial licence period.


The new licence is expected to be formally awarded in early 2015 after ratification and finalisation of the production sharing contract.


Petroceltic chief executive Brian O'Cathain said: "We are delighted to have been awarded the North Port Fouad Block, which, together with last year's North Thekah award, gives Petroceltic access to a substantial acreage position in the outer Nile Delta and Levantine Basin plays and significantly enhances our Egyptian exploration portfolio.


"These blocks are located in an area of the Mediterranean, which has yielded several world class Oligocene and Miocene discoveries in recent years."

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