Bradano Basin, Italy

Operations in Bradano Basin, Italy

Italy Licence – Torrente Alvo

Celtique was notified of this licence award in November 2008 and the formal issue of a Decree for a six year term is expected in late 2009.

Celtique operates with a 100% interest.

Strombone Oil Field (within Torrente Alvo)

The Strombone oil field is located within Torrente Alvo and this was discovered in 1977 when the AGIP-Seagull joint venture drilled the Strombone 2 well to a depth of 2310m penetrating the Apulian platform carbonates, which were not reached by the earlier well, Strombone 1 (1971).

The structure was re-mapped following the acquisition of new seismic in 1990. The resultant interpretation shows Strombone to be a fault-independent, domal anticline with an aerial extent at a lowest closing contour of approximately 9 km2.

The primary reservoirs are coarse grained calc-arenites and limestones of Miocene age, which have low to moderate reservoir quality and contain natural fractures. Following completion and acidization, a production test of the interval in Strombone 2 recorded a flow rate equivalent to 786bopd. The field clearly has development potential and higher oil production rates could be achieved through horizontal drilling.

Celtique’s will work to gain better definition the structure and reservoir interval prior to evaluating the field with an appraisal well.

San Chirico Gas Resource (within Torrente Alvo)

The San Chirico gas resource is also located within Torrente Alvo and this was discovered after drilling the San Chirico 3 well in 1965, which recorded a maximum gas flow rate of 2.12mmcfd from from 15m of gas saturated Pliocene turbidite sands. Although a gas show was reported in the San Chirico 1, the interval was not flow tested in that well.

These Pliocene turbidite sands are located within the allochthonous thrust sheets that make up the Bradano foredeep and are located to the south and southeast of the Strombone Oil Field. These deposits are, by nature, discontinuous and the accumulation therefore represents a series of separate, stratigraphically trapped, gas saturated sandstone horizons.

These individual gas reservoirs remain undeveloped.

Italy Licence – Fontana Autuno

Celtique was notified of award in August 2008 and the formal issue of a Decree for a six year term is expected in late 2009.

Celtique operates with a 100% interest.

Italy Licence – Monte Negro

Celtique were notified of award in September 2008 and the formal issue of a Decree for a six year term is expected in late 2009.

Celtique operates with a 100% interest.

Licence Summary

Region	Licence	Licence Holder	Operator	Award Date	Size (km²)
Bradano Basin	Fontana Autuno	Celtique Energie Petroleum Ltd 100	CEPL	Notified for award (awaiting Decree)	80.82
Bradano Basin	Torrente Alvo	Celtique Energie Petroleum Ltd 100%	CEPL	Notified for award (awaiting Decree)	84.34
Bradano Basin	Monte Negro	Celtique Energie Petroleum Ltd 100%	CEPL	Notified for award (awaiting Decree)	287.7
Celtique Energie Petroleum Ltd has been recommended for award of these licences by C.I.R.M. (the Hydrocarbons & Mining Resources Committee) and the Ministry of Economic Development through the Ufficio Nazionale Minerario per gli Idrocarburi e la Geotermia (U.N.M.I.G.), formal award of the exploration licences await approval from the Conference of Services, a summit of all concerned Public Bodies, the Regions, and a positive Environmental Impact Assessment (E.I.S.). When this is received final approval from the Ministers Council is required before the licence is formally awarded.

CEPL = Celtique Energie Petroleum Ltd

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