Romanian exploration campaign starts

Petroceltic International has launched drilling campaigns offshore Romania and in Kurdistan.

The Romanian campaign, in the Black Sea, started with the spudding of the Cobalcescu South exploration well using the GSP Prometeu jack-up drill rig.

The Cobalcescu South well is about 170 km northeast of Constanta, in the southwest corner of Block EX-28 in 90m water depth.

Cobalcescu South has been designed with an S-shaped drilling trajectory to facilitate the optimal penetration of two primary reservoir targets in the Upper Pontian and Lower Pontian sandstone sections within the Miocene.

Additional upside potential is present in a number of secondary targets, says Petroceltic, within the Miocene formation. Petroceltic says Cobalcescu South could contain P50 gross prospective resource of: Miocene (Upper Pontian Channel), 262Bcf, Miocene (Lower Pontian Structure), 142 Bcf.

The planned total depth for the well is circa 3100m and it is estimated that it will take approximately two months to drill.

It will be followed by an exploration well on the adjacent Muridava licence.

In 2011, Petroceltic, via its wholly owned subsidiary Melrose Resources Romania, was awarded 40% interest in two exploration concessions offshore Romania—Est Cobalcescu (Block EX-28) and Muridava (Block EX-27).

Both blocks are operated by Petroceltic. The Est Cobalcescu licence, which contains the Cobalcescu South prospect, is held in partnership with Beach Petroleum (30%) and Petromar Resources (30%).

In Kurdistan, Petroceltic has spudding the Shakrok-1, also the first well in a drilling campaign in the region of Iraq.

Shakrok-1 is targeting Jurassic and Triassic fractured carbonate reservoirs which over recent years have yielded a number of major discoveries along trend, including Shaikan, Swara Tika, Atrush and Bina Bawi.

The Shakrok Prospect is a broad four-way dip closed anticlinal structure mapped at surface and in the sub-surface. The prospect contains multiple stacked reservoir targets of Jurassic and Triassic limestones and dolomites sealed by interbedded evaporites and shales.

In August 2012 De Golyer and Mc Naughton estimated the total Shakrok prospect to have consolidated P50 resource potential of 650 million barrels of recoverable oil and a geological chance of success (Pg) of 24.5%.

The Shakrok-1 well has a proposed total depth of about 3000m and is estimated to take approximately 150 days to drill.

Petroceltic Kurdistan holds a 16% participating interest (20% paying interest) with Hess holding the remaining 64% participating interest (80% paying interest) in the PSCs. The Kurdistan Region of Iraq holds 20%.

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