Petroceltic: Offshore Romania exploration well finds un-commercial quantities of gas

Petroceltic International plc (“Petroceltic” or “the Company”), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, today provides an update on its 2013 two well Romanian drilling campaign.

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 is currently 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.

The GSP Prometeu drilling rig will now move to the Muridava concession (Block EX-27, Petroceltic 40%, Operator) to spud the Muridava-1 exploration well with a planned total well depth of circa 3150m. This well is on trend with the existing Olimpiskaya and Eugenia discoveries and has multiple targets in the Eocene, Palaeocene and Cretaceous formations with combined unrisked prospective resources of 169 Bcf and chances of success which range between 29 percent and 43 percent The well is expected to take approximately two months to complete.

Brian O’Cathain, Petroceltic’s Chief Executive, commented:

“Although commercial quantities of hydrocarbons have not been encountered at Cobalcescu South-1, the well has confirmed the presence of good quality sandstone reservoirs in the Miocene interval and the presence of a working petroleum system in the area of Block EX-28. We now look forward to drilling Muridava-1, where some other regionally proven play types independent of the Miocene objectives at Cobalcescu South will be evaluated”.

Source: http://www.petroceltic.com