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ISDX Growth Market-quoted Adriatic Oil plans to join Aim later this year and will raise additional funds at that time.
Adriatic has interests in the North Sea, Celtic Sea and the Adriatic Sea basin.
Fastnet Oil & Gas is earning a 82.35% interest in the Shanagarry blocks in the North Celtic Sea basin. Adriatic currently owns 80% but this will be diluted to 15.5%. Adriatic expects to report progress in May. A well was drilled by Marathon Oil and Enterprise Oil drilled a well on block 49/19 back in 1984 but the gas price was much lower then.
Adriatic has opted out of exploration on two blocks of the Inner Moray Firth of the North Sea but it will be participating in the 28th application round.
Adriatic has restarted discussions with Albpetrol about the Albanian offshore block of North Rodini, where there is a possible gas discovery. The company has also applied for two licence blocks in the Italian Adriatic.
At 0.8p a share, Adriatic is valued at £2.7m.
Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFFebruary2014_53.pdf
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