Oracle Energy Corp. has acquired a 20% participating interest in the Fiume Arrone Exploration Permit in Italy. Oracle is to pay 27% of the cost of the first exploration well. The 358 sq km onshore Fiume Arrone Permit, is along the coast to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of which was reported to have had shows of gas. The first well, planned to be 950m deep, will target a gas prospect identified from seismic.
Oracle President Nasim Tyab says “this new acquisition is another step forward in the Company’s plan of building a strong portfolio of international exploration and development projects.”
The other partners with an interest in the Permit are Ascent Resources plc (40%), Italmin Exploration (30%) and JKX Oil and Gas plc. (10%) Ascent Resources plc. is the operator and has scheduled the drilling of the first well for October 2006. A finder’s fee is to be paid on this transaction.
