Dublin-listed exploration company Petroceltic has announced plans to explore in the Kurdistan region of Iraq.
It has formed a joint venture with a subsidiary of Hess Corporation to take up two production-sharing contracts, in the Dinarta and Shakrok exploration blocks.
Both blocks are described as being located in 'proven but largely unexplored' areas.
Petroceltic holds a 20% working interest in the joint venture. Each contract has an initial three-year exploration period and Petroceltic's financial commitment during this period is expected to be around $72m.
'While significant discoveries have already been made, the Kurdistan region of Iraq remains, a vastly under explored area with huge potential' said the company's chief executive, Brian O'Cathain..
