North Port Fouad (Block 7) is situated to the north of and immediately adjacent to the North Thekah Block, which was awarded to a Petroceltic and Edison JV in 2013.
The joint area of both licenses is more than 7,000km².
Although there have been no wells drilled at the North Port Fouad block to date, regional and seismic evidence estimates that the proven Nile Delta Oligocence and Levantine Basin Miocene plays are likely to be present.
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.
Following ratification and finalization of the production sharing contract, the new license will be formally awarded in early 2015.
Petroceltic chief executive Brian O’Cathain said: "These blocks are located in an area of the Mediterranean, which has yielded several world class Oligocene and Miocene discoveries in recent years."
