Petroceltic International (LON:PCI) has given ENI operatorship of the Carisio exploration permit in Italy’s Po Valley.
In return ENI will give Petroceltic 550 kilometres of existing 2D seismic data on the Ronsecco permit as well as access to reprocessed 2D seismic data and other technical studies on Carisio. Petroceltic and ENI each have a 47.5 percent stake in Carisio.
The company said the data will help the planning for the upcoming Rovasenda-1 well on the Carisio permit and it may also provide the basis of a partial farm-out of Petroceltic's interest in the permit. It also helps Petroceltic assess the prospectivity of Ronsecco.
"These developments in the Carisio and Ronsecco permits represent a significant step forward in Petroceltic's efforts to develop a portfolio of material oil prospects in Italy,” chief executive Brian O'Cathain said.
“ENI's confirmation as operator of Carisio will assist in the process of maturing the exciting Rovasenda prospect towards drilling, and may also create additional options with respect to the funding of the forward work program."
The exploration well on the Rovasenda prospect, which is estimated at 270 million barrels, will be drilled in the first half of 2012.
Meanwhile it separately told investors that it has asked the Italian Ministry of Economic Development (MSE) to suspend the Central Adriatic B.R268.RG permit, which hosts the Elsa discovery, due to the legal uncertainty surrounding offshore drilling.
Last year Italy passed the Italian Legislative Decree L.D. 128, a law that banned drilling for hydrocarbons within 5 miles off the coastline and within 12 miles from protected ‘Marine and Coastal Parks’.
Petroceltic said that while the decree clearly states that it does not apply to ‘existing titles’, it is still unclear how the law will impact existing exploration licences. It wants to suspend the licence because of this uncertainty.