Aug. 2012 - Petroceltic International is expecting to drill a well in Italy next year, reported Dow Jones Newswires. In 2010, the company planned to drill an appraisal well on the Elsa discovery in the Central Adriatic, but plans were shelved when Italy banned offshore drilling in reaction to the Macondo incident in the Gulf of Mexico. With the ban now lifted, the company is hopeful a well can be drilled in 2013. "When the Italy ban came in, we were within months of spudding an appraisal well on the Elsa field, which is an old oil discovery of somewhere between 30 million and 180 million barrels, made by ENI S.p.A. in 1992. We have a CPR [competent person's report] that says the most likely oil-in-place is a couple of hundred million barrels," the Chief Executive Brian O'Cathain said in a statement. Before it starts drilling, however, the company has to reapply for a permit, but Mr. O'Cathain believes that the current government is very favorably disposed towards restarting exploration and production activities.

Mar. 2011 - Petroceltic announced that activity on its Elsa discovery, located in the Central Adriatic B.R268.RG permit, continues to be delayed due to uncertainties in the legal interpretation of Italian Legislative Decree, which prohibits drilling in the Italian seas within 5 miles (8 kilometers) of the coastline and within 12 miles (19 kilometers) around the perimeter of protected marine and coastal parks. This decree states that it does not apply to existing titles; however Petroceltic is unclear how the impact of the law affects existing exploration licenses. The company is currently seeking approval from the Ministry of Economic development to suspend the license until these interpretation issues have been clarified. Meanwhile, Petroceltic and partners have extended existing agreements pertaining to the farm-out of this permit, with the $26M of funding, raised for the drilling of the proposed Elsa-2 appraisal well, remaining available. Petroceltic, operator, holds a 70% working interest in the permit; Cygam holds the remaining 30% interest.

Jul. 2010 - Petroceltic has lodged an application with the Ministry of Economic Development to suspend the current timing of the company's commitments on the B.R268.RG permit. Petroceltic made this decision due to uncertainty regarding the proposed decree to restrict drilling in the Italian seas close to mainland. The proposed legislative changes would prohibit drilling in Italian seas within 5 miles (8 kilometers) of the coastline and within 12 miles (19 kilometers) around the perimeter of protected Marine Parks. Under the permit and Petroceltic's farm-in agreement with Vega Oil S.p.A., Petroceltic is required to spud the Elsa-2 well before Oct. 31, 2010. Given the continued legislative uncertainty, the company says they cannot commit to a timetable to procure long lead items, nor to finish rig negotiations prior to the spud date. The company was scheduled to drill the Elsa 2 well in the fourth quarter of 2010 in a location of the permit that is likely to be affected by the proposed restrictions. Petroceltic has applied to have the permit back dated to April 16; the date of the last official correspondence on the environmental application. The permit should remain suspended until the Ministry of Environmental issues the decree of environmental compatibility for Petroceltic's drilling program. Once it is approved, the company will have enough time remaining on the permit to drill the Elsa-2 well. Until then, Petroceltic will continue with the existing environmental permitting process. The Elsa field is situated in the B.R268.RG permit in the central Adriatic Sea offshore Italy in water depths of 100 to 165 feet (30 to 50 meters). Petroceltic, operator, holds a 70% working interest in the permit; Cygam holds the remaining 30% interest.

Mar. 2010 - Petroceltic is expecting to receive governmental approval in 2Q10 for an environmental impact assessment that was submitted to the Italian Ministry for the Elsa-2 appraisal well. Once regulatory hurdles are cleared, Petroceltic will move forward with plans to appraise the Elsa discovery (likely in September 2010), using a zero discharge jackup rig. Additionally, TRACS International Consultancy was contracted to estimate gross contingent in-place and recoverable resources of the field and analyze offshore development options. The Elsa field is situated in the B.R268.RG permit in the central Adriatic Sea offshore Italy in water depths of 100 to 165 feet (30 to 50 meters). Petroceltic, operator, holds a 70% working interest in the permit; Cygam holds the remaining 30% interest.

Dec. 2009 - Petroceltic is planning to drill an appraisal well on its Elsa field in the fourth quarter of 2010. Discovered by Eni in 1992, Elsa holds an estimated 104.23 million barrels of oil and 31.49 Bcf of gas. The field is situated in the B.R268.RG permit in the central Adriatic Sea offshore Italy in water depths of 100 to 165 feet (30 to 50 meters). Serving as the operator, Petroceltic holds a 70% working interest in the permit; Cygam holds the remaining 30% interest.