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Adriatic Oil opts out of North Sea exploration project

Last updated: 04:49 24 Feb 2014 EST, First published: 05:49 24 Feb 2014 EST

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Adriatic Oil (ISDX:ADOP) told investors it has opted out of an exploration project in the North Sea.

It is relinquishing Blocks 12/18 and 12/19c in the Inner Moray Firth after reprocessing and reinterpretation of existing 3D seismic data failed to show sufficient prospectivity to warrant further exploration.

Elixir Petroleum, which has a 20% interest in the two blocks, agreed with Adriatic’s decision and it also intends to relinquish its interests too.

The next exploration period would have carried substantial spending commitments, the company explained.

Adriatic is still looking to add more assets, and it said plans to participate in the 28th North Sea application round, which is currently open for bids.

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