Petroceltic International said today it has agreed with BG Gas International BV Italian Branch to acquire BG Italia's interests in five exploration permits in the Po Valley onshore gas basin.
Petroceltic, which is listed on Dublin's IEX index for smaller enterprises, also said it has agreed to buy interests in two exclusive permit applications from BG Italia - one in the Po Valley and one offshore in the Sicily Channel in Southern Italy.
The company said the acquisition will more than double its acreage in Italy to over 6,600 square kilometres, and that drilling is planned to start in 2008.