Petroceltic’s JV partners include Hellenic Petroleum (operator) and Edison International.

The Patraikos block located in the Gulf of Patra covers an area of 1,892km┬▓ with water depths in the range of 100m to 300m.

The concession is potentially oil prospective in the Jurassic, Cretaceous and Eocene formations with a working hydrocarbon system proven by the Katakolon oil discovery wells drilled in 1982 about 35km south of the block.

Petroceltic and partners have secured a three year initial exploration period, followed by two optional extensions up to a maximum license term of eight years as part of the concession.

During the first three years, the JV partners will have to perform geological studies and acquire 2D and 3D seismic data with net financial commitment to Petroceltic of nearly $3.5m.

It is expected that the new concession will be formally awarded in late 2013, following ratification and finalization of the detailed concession agreement.