Industry

Celtique pulls out of two new exploration licences in East Midlands

celtique-energie

Egdon Resources announced today that it had taken over Celtique Energie’s interests in two oil and gas exploration licences.

The Petroleum Exploration and Development Licences (PEDLs) are both in the East Midlands and were awarded in last year’s 14th round.

This is the latest in a series of withdrawals by Celtique, which has seen its interests fall from 15 licences in five countries to four in the UK and one in France.

The licences in today’s announcement were:

  • PEDL334 between Louth and Cleethorpes in Lincolnshire
  • PEDL306 between Loughborough and Nottingham

Celtique held 37.5% in PEDL334. A statement said the stake has been assigned, at no cost, to the remaining stakeholders, Egdon and Petrichor. Egdon’s share has risen from 37.5% to 60% and Petrichor’s from 25% to 40%.

Celtique held 18.75% in PEDL 306. That interest was again assigned at no cost to Egdon and Petrichor. Egdon’s share has risen from 18.75% to 30% and Petrichor from 12.5% to 20%. The other partners in the PEDL, Hutton and Coronation, remain on 25% each.

Egdon said the transactions were subject to Oil and Gas Authority (OGA) approval.

Mark Abbott, Managing Director of Egdon Resources plc, said:

“We are pleased to build on our interests in two recently awarded highly prospective 14th round blocks. These zero cost acquisitions are consistent with our strategy of enhancing our position in our core areas where we see significant oil and gas potential.”

14th round

With today’s announcement, Celtique Energie appears to have given up all its interest in licences issued under last year’s 14th round.

In December 2015, the OGA announced that Celtique Energie was the operator of two new shale gas licences blocks, in equal partnership with Investcan UK Ltd, a subsidiary of a French gas company. It was also listed as a partner in seven other blocks, including four which comprised the PEDLs in today’s statement.

According to Egdon, Celtique withdrew from three of the 14th round blocks (NZ51, NZ52b and NZ52c) before they were formally awarded.

Block SD72, which listed Celtique as the operator, has not yet been confirmed as a licence. But SE51b, the other block operated by Celtique, has been confirmed as PEDL278.

DrillOrDrop asked Celtique Energie to confirm whether it still held PEDL278. We will update this post with any response.

Celtique’s current interests

Celtique’s website says the company now has interests in only four UK licences. These are PEDL180, 181, 182 and 201, all issued in 2008 in the 13th licensing round and operated by either Egdon or Europa in the East Midlands.

According to Celtique, its remaining stakes are:

PEDL 180 (block SE90a) 33.33%

PEDL181 (blocks TA10a, TA20a and TA21b): 25%

PEDL182 (SE91b): 33.33%

PEDL201 (SK62a): 32.5%

Celtique was the operator of three PEDLs in in the Weald Basin in southern England, in partnership with Magellan Petroleum UK. In August 2016, the partners sold one of the licences, PEDL234, which includes the Broadford Bridge exploration site in West Sussex, to UK Oil & Gas. The other licences, 231 and 243, were relinquished.

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