Petroceltic partner seeks permit suspension
Suspension to allow Eni and Petroceltic to identify a new well location
Petroceltic chief executive Brian O’Cathain. The oil and gas explorer’s partner has sought a further suspension of the Carpignano Sesia-1 well in Italy. Photograph: The Irish Times
Oil and gas explorer Petroceltic’s partner Eni has lodged an application with the Italian Ministry of Economic Development requesting a further suspension of a permit for the Carpignano Sesia-1 well in the Western Po Valley basin.
The suspension will allow Eni to continue efforts to identify a new well location and develop a drilling plan.
Eni is the joint operator of the well along with Petroceltic.
Dublin and London-listed Petroceltic, which is focused on North Africa, the Mediterranean and Black Sea regions, has production, exploration and development assets in a number of countries including Algeria, Bulgaria, Italy and Romania.
Earlier this year it announced plans to explore wells across Greece, Egypt, Bulgaria, Romania and Kurdistan.
The firm also confirmed in April it had secured up to $500 million (€382 million) in financing from a syndicate of international banks and the International Finance Corporation (IFC). Under the arrangement, the financing can be drawn down to support existing business, future exploration and potential future acquisitions.