Romania well non-commercial says Petroceltic

November 14, 2013

Petroceltic International has said its Cobalcescu South-1 exploration well in the Romanian Black Sea will be plugged and abandoned as non-commercial. 

The well 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 (pictured) 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, said Petroceltic. 

Petroceltic is now analysing the well data, in conjunction with 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. 

Muridava-1 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 29-29% chance of success. 

The well is expected to take about two months to complete.



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