- Crescent Petroleum in joint venture with Jugopetrol Kotor, obtained exploration rights for Block 1 in the Adriatic Basin of 3830 sq kms. 1973 through 1990.
- Exploration work included 4,200 kms seismic acquisition, processing, interpretation and drilling of 4 exploration wells.
- Good potential drilling prospects identified, but due to political turmoil Concession was returned.
Crescent Petroleum was involved in a joint venture with Jugopetrol Kotor to explore acreage offshore Montenegro. Crescent Petroleum had a 49% working interest in Block 1, an area of 3,830 sq km, located offshore Montenegro in the South Adriatic Basin. The concession was awarded in 1973 and was due to expire on 3 June 1993.
This block was technically attractive as it was located on the northern flank of a petroleum generating basin. Approximately 4000 km of seismic data were acquired and three exploration wells drilled between 1975 and 1982. All three wells drilled on the concession had hydrocarbon shows and one well flowed oil from the Cretaceous at sub-commercial rates on a drill-stem test. Five prospects were identified in the block. Four were Eocene/Cretaceous structural closures on a carbonate platform and the fifth was the flank of a very large Triassic anticlinal culmination, which extends onshore, in a geologically complex subthrust zone.
In 1988 another well was drilled. Its results confirmed the structural prospects which Block 1 offered. A 232 km seismic survey was subsequently recorded in the Block with a view to defining a drillable prospect.
A number of major oil companies showed interest in farming into the Concession. However, due to political turmoil in the country the Concession was relinquished and handed back to the Government of Yugoslavia.