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December 15, 2013

Petroceltic reveals Black Sea drilling operations results

Irish oil and gas exploration and production company, Petroceltic International, has revealed western Black Sea drilling operations results where the GSP Prometeu rig has completed the first of two exploration wells, planned to be drilled offshore Romania in 2013.

Irish oil and gas exploration and production company, Petroceltic International, has revealed western Black Sea drilling operations results where the GSP Prometeu rig has completed the first of two exploration wells, planned to be drilled offshore Romania in 2013.

The company has drilled the Cobalcescu South-1 well in Block Ex-28, using the Prometeu jack-up rig, and has returned to its operations base in Constanta to conduct necessary maintenance works.

The maintenance work has resulted in delay of the next exploration well in the drilling programme, Muridava-1 on Block Ex-27.

Petroceltic is expected to drill the Muridava-1 on Block Ex-27 at the end of the first quarter of 2014.

The company’s Muridava-1 well, which has multiple reservoir targets in the Eocene, Palaeocene and Cretaceous formations, will be drilled on the similar geologic trend compared to the current Olimpiskaya and Eugenia gas discoveries.

"The well is expected to be spud to a total depth of about 2,500m in an estimated time of about two months."

The well is expected to be spud to a total depth of about 2,500m in an estimated time of about two months.

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According to the company, the total unrisked P50 prospective resources are 170Bcf of gas on a 100% basis, while the individual zones have a success range of 30% to 45%.

Petroceltic Romania holds 40% interest in the Block Ex-27, while Midia Resources a wholly owned subsidiary of Sterling Resources owns 40% equity and Petromar Resources has participating interests of 20%.

The GSP Prometeu rig has also completed the first of two exploration wells, which are planned to be drilled offshore Romania this year.

Nri energy

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