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Petroceltic fail to find commercial reservoirs at wells in Iraq, Romania and Egypt

30th May 2014

London-listed Petroceltic International has failed to find worthwhile reservoirs in three of its plays, with two drills coming back dry and the third water logged

Petroceltic fail to find commercial reservoirs at wells in Iraq, Romania and Egypt
'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,' O Cathain, Petroceltic CEO

The Shakrok-1 well on the Shakrok licence reached its total depth of 3,538 meters on 30 March 2014. The joint venture partnership planned to carry out drill stem tests (DSTs) over four zones of interest in the Jurassic interval.

The final two DSTs in this programme have now been completed in the Adaiyah and Mus formations but did not flow hydrocarbons to surface.

In respect of the Dinarta licence, 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.

The Muridava-1 exploration well on the Muridava licence in Romania 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.

The Petroceltic-owned South Dikirnis-1 exploration well in Egypt 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.”

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