In a joint venture with Jugopetrol Kotor to explore acreage offshore present-day Montenegro, Crescent Petroleum had a 49% working interest in Block 1, a 3,830 sq. km offshore concession in the South Adriatic Basin, awarded in 1973 for a 20-year term.
Exploration activities included the acquisition and interpretation of extensive seismic data and the drilling of four wells between 1975 and 1988. All wells encountered hydrocarbon shows, with one well flowing oil from the Cretaceous at sub-commercial rates. Several structural prospects were identified across multiple reservoir intervals.
Further seismic work was undertaken to refine drillable targets, and the concession attracted interest from several major international oil companies. However, due to political turmoil in the region, the concession was relinquished and handed back to the Government of Yugoslavia at the time.