May 31 (Reuters) - Orca Exploration Group Inc:
* Announces farm-in on Petroceltic's Elsa block offshore Italy
* Says farm-in commits co to fund 30 pct of Elsa-2 appraisal well up to maximum of US$11.5 million to earn 15 pct stake in permit
* Says drilling is expected to commence in the fourth quarter of 2010
* Has also agreed to pay Petroceltic 15 pct of the back costs in relation to the well up to a maximum of US$0.5 million.
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* Announces farm-in on Petroceltic's Elsa block offshore Italy
* Says farm-in commits co to fund 30 pct of Elsa-2 appraisal well up to maximum of US$11.5 million to earn 15 pct stake in permit
* Says drilling is expected to commence in the fourth quarter of 2010
* Has also agreed to pay Petroceltic 15 pct of the back costs in relation to the well up to a maximum of US$0.5 million.
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.