Petroceltic issues Operations Update on Kurdistan Region of Iraq, Egypt & Romania
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, Egypt and Romania.
Kurdistan: The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%) reached its total depth of 3,538m on 30 March 2014, as previously announced. Based on core and wireline log data, the Joint Venture partnership agreed to carry out Drill Stem Tests (DSTs) over four potential oil zones in the Jurassic interval, which is the primary objective of the well.
The first two of these DSTs have been completed in the fractured carbonates of the Butmah formation. Both of these tests flowed formation water to surface with no hydrocarbons. The forward plan is to proceed with the testing programme and run two further DSTs in the overlying Adaiyah and Mus intervals. Testing operations are planned to continue until late May.
Drilling preparations are at an advanced stage for the Shireen-1 well on the Dinarta licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%). The Parker Rig 247 is currently being rigged-up on the Shireen-1 location. Drilling is scheduled to commence within 3 to 4 weeks 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 gross prospective oil resources of 706 MMbbls*.
Egypt: The Company commenced drilling an exploration well on the South Dikirnis prospect on 2 May 2014, using the EDC-9 rig. The well is targeting a potential oil and gas bearing prospect within the West Dikirnis licence (Petroceltic, Operator, 100%) adjacent to existing facilities and infrastructure. The South Dikirnis prospect has a gross mean unrisked prospective resource of 7.6 MMboe. The well is currently drilling ahead at 1042 metres measured depth, with total depth expected at 2895 metres. The well is scheduled to reach total depth in early June.
Romania: The Muridava-1 exploration well was initiated on the Muridava (EX-27) Licence (Petroceltic 40%, Operator, Sterling Resources, 40%, Petromar 20%) on 11 April 2014, and is drilling ahead at 1750 metres measured depth. The well is expected to take two months to complete, and is targeting gross mean unrisked prospective resource of 185 BCF from the Eocene, Paleocene and Upper Cretaceous intervals.
Brian O’Cathain, Petroceltic’s Chief Executive, commented:
“We have reached the half-way point of our Jurassic formation testing program in Shakrok-1. The well-test results to date indicate that the Butmah formation is water-bearing and contains only residual, non-moveable, hydrocarbons. The remaining two tests will target potential oil zones which have been identified by wireline logging within a gross 300 meter stratigraphic column beneath the Alan Anhydrite formation, which acts as an effective seal for oil columns in offsetting discoveries. We await with interest the outcome of these next two tests. We will continue to update shareholders on Shakrok well testing, Dinarta operations, and on our ongoing exploration wells in Egypt and Romania, as further material results become available.”