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Petroceltic International buys into BG Group's upstream assets in Italy

Onshore Italy

London - October 2007

LONDON (Thomson Financial) Petroceltic International Plc said it has agreed with BG Gas International BV Italian Branch, a unit of BG Group Plc, to acquire BG Italia's interests in five exploration permits in the Po Valley onshore gas basin.

The company also said it has agreed to buy interests in two exclusive permit applications from BG Italia, one in the Po Valley and one offshore in the Sicily Channel in Southern Italy.

The company said the acquisition will more than double its acreage position in Italy to over 6,600 square kilometres, adding it looks forward to advancing a drilling programme there in 2008.

Stellar acted as advisors to BG Group for the sale.