Les Moussières, France

Operations in Jura, France

Les Moussières Permit

The Jura region has significant hydrocarbon potential with both existing oil discoveries and producing gas fields. Celtique’s acreage contains the shallow La Chandelière oil discovery and several large prospects. The La Chandelière oil field was discovered in 1989 by Exxon (EssoRep). Exxon drilled three wells, two of which recovered 41° API oil. This field has estimated oil in place of 24 mm bbls and the results of 3D reservoir simulation studies forecast an ultimate recovery of 7 mmbbls. Celtique has mapped additional upside potential of 152 mmbbls oil in place at the southern end of the field and is now planning to develop La Chandelière using horizontal wells and downhole pumps to maximise recovery. A ready local market exists for oil from La Chandelière, which is close to a refinery in Lyon. Subject to well permitting approval we plan to drill an appraisal well.

Celtique recently finalised the interpretation of reprocessed 2D seismic data over its own and adjacent acreage. As a result of this work, it has identified several large conventional hydrocarbon prospects and leads with unrisked resource potential of 97mmb oil and 340 bcf gas. Celtique expects the acreage to be gas prone in the north. Celtique’s acreage is located near existing gas transmission infrastructure and any gas discovered could be rapidly commercialised as a consequence of the strong regional gas demand and the attractive Continental European gas prices.

Pontarlier Permit

The Pontarlier permit is located in the Jura north of the Les Moussières permit and covers an area of 1470 sq.kms. The permit has conventional gas prospects in the Bunter Triassic.

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Licences

Region	Licence	Licence Holder	Operator	Award Date	Size (sq.kms)
Jura	Les Moussières	Celtique Energie Petroleum Ltd 100%	CEPL	Mar 08	3269
Jura	Pontarlier	Celtique Energie Petroleum SARL 100%	CEPL	Sept 10	1470

CEPL = Celtique Energie Petroleum Ltd

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