Oil and gas exploration company Petroceltic has extended its southern European footprint into Greece, after winning its first concession to explore in Greek waters.
The Dublin-based firm has gained a one third stake in the under-explored Patraikos block, off the western shores of Greece, along with Greek energy company, Hellenic Petroleum and Italian player, Edison International.
It has permission for a three year initial exploration period, followed by two optional extensions up to a maximum licence term of eight years.
It will initially carry out geological studies of the scarcely explored block.
“We are delighted to be the successful bidder for the Patraikos block, which lies in an under-explored offshore area with good regional hydrocarbon potential,” Petroceltic chief executive Brian O’Cathain said.
“This represents a new country entry for the company in one of our core focus areas where we are actively seeking to expand our exploration portfolio,” he said.
The Patraikos block is located in the Gulf of Patra and covers an area of 1,892 sq kms with water depths in the range of 100 to 300 metres.
