Petroceltic International announced disappointing outcome from some of its exploration wells in the Kurdistan Region of Iraq, Romania and Egypt.
The Muridava-1 exploration well on the Muridava (EX-27) licence (Petroceltic 40%, Operator, Sterling Resources 40%, Petromar 20%) has been drilled to a total depth of 2,747 meters but failed to encounter commercial quantities of hydrocarbons in the primary Eocene, Paleocene and Upper Cretaceous reservoir targets. The well is currently being plugged and abandoned and the rig will be demobilised from the location.
Brian O’Cathain, Chief Executive of Petroceltic, commented: “The outcome of these exploration wells is disappointing but does provide a significant amount of information that will greatly help decision making around future activity on these licences.”
Petroceltic International plc is an independent oil and gas exploration company focused on the Middle East, North Africa, Mediterranean and Black Sea regions.
Not enough oil at Cobalcescu Well
Last November, the company announced it have found no oil at Cobalcescu Well offshore Romania.
The Cobalcescu South-1 exploration well offshore Romania was designed to test a prospect located in the southwestern part of the Est Cobalcescu (Block EX-28, Petroceltic 40%, Operator) concession.
The well was drilled by the GSP Prometeu jack-up drilling rig to a total depth of 3,298m MD and encountered good quality sandstone reservoirs at the target Miocene stratigraphic levels with gas shows whilst drilling. However commercial quantities of hydrocarbons were not present and consequently the well will be plugged and abandoned.
The Company moved to analysing the well data in conjunction with the high quality 3D seismic acquired in 2012 with a view to updating the regional geologic model to support planning for future activities on the block.
USD 20 million invested in 2013, more planned for 2014
Petroceltic holds 40% operated interests in EX-27 Muridava and EX-28 Est Cobalcescu concessions. The two licences have a combined area of approximately 2,000 square kilometres located in shallow water in the western Black Sea.
The prospects were held by Melrose Resources, which Petroceltic bought for 165 million pounds (about $260 million) in August 2012.
The Irish company planned investments of USD 20 million in 2013 for exploration works at two offshore concessions in the Romanian section of the Black Sea.
Sterling Resources Ltd (as to 40%) and Petromar (as to 20%) owns the balance of equity stakes in Muridava concession. Petroceltic farmed out equal 30% interests in Est Cobalcescu to Beach Energy and Petromar.