Petroceltic issues operations update for Kurdistan Region of Iraq, Romania and Egypt

Petroceltic issues operations update for Kurdistan Region of Iraq, Romania and Egypt

Petroceltic International plc (“Petroceltic” or “the Company”), the independent oil and gas exploration company focused on the Middle East, North Africa, Mediterranean and Black Sea regions, announces an update on its operations in the Kurdistan Region of Iraq, Romania and Egypt.
Kurdistan Region of Iraq:The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and the Kurdistan Regional Government 20%) reached its total depth of 3,538 meters on 30 March 2014. As previously announced, the joint venture partnership agreed to carry out Drill Stem Tests (DSTs) over four zones of interest in the Jurassic interval. The final two DSTs in this program have now been completed in the Adaiyah and Mus formations but did not flow hydrocarbons to surface.
In respect of the Dinarta licence (Petroceltic 16%, Hess (Operator) 64% and the Kurdistan Regional Government 20%), drilling preparations are at an advanced stage, with the Parker Rig 247 almost rigged-up at the Shireen-1 well location. Drilling is scheduled to commence in early June and the well is expected to take around 150 days to reach its planned total depth. The well is targeting oil in both the Jurassic and Triassic formations, with gross mean unrisked prospective resources of 706 MMbbls*.
Romania: 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.
Egypt: The South Dikirnis-1 exploration well (Petroceltic, Operator, 100%) has reached a total depth of 2,895 metres. The well was targeting a stratigraphic trap in the Miocene formation, to the south of the producing West Dikirnis field. Although high quality sandstone reservoirs were encountered in the Miocene, open hole log analysis indicates that the reservoir interval is water bearing.
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. We now look forward to drilling the Shireen-1 well on the Dinarta concession as the next well in our 2014 drilling programme.”
Source:
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