Sub-commercial Black Sea well for Petroceltic

May 24, 2013

Petroceltic International has said the first of a four-well campaign in the Black Sea is to be plugged and abandoned after finding sub-commercial gas shows. 

The Kamchia-1 exploration well, in the Galata concession offshore Bulgaria, was drilled to a depth of 2887ft finding 56ft of carbonate sands using the GSP Prometeu jack-up drilling rig.

Petroceltic said it would analyse the well data with a view to updating its regional geologic model and deciding whether to enter into the final two year extension of the Galata exploration licence later this year.

The GSP Prometeu is to relocate to complete the suspended Kaliakra discovery well for gas production. This well will be used to supplement production from the existing single Kaliakra field development well and is expected to be brought on stream in August when the subsea tieback operations have been completed.

The GSP Prometeu will then move to offshore Romania to drill two exploration wells on the Est Cobalcescu (Block 28) and Muridava (Block 27) offshore concessions. The first well will be Cobalcescu South-1, which will target two intervals in the Miocene, with a chance of success of 23% and 36%, respectively, and combined unrisked prospective resources of 404 Bcf.  

The second well is Muridava-1, which is on trend with the existing Olimpiskaya and Eugenia discoveries, and has multiple targets in the Eocene, Palaeocene and Cretaceous formations and combined unrisked prospective resources of 169 Bcf. The range of chances of success are between 29% and 43%. 

Petroceltic has a 40% operated interest in each of the Est Cobalcescu and Muridava concessions.

“We are disappointed with the outcome of the Kamchia-1 well and plan to complete the post drill analysis prior to formulating forward plans for the Galata exploration concession," said Brian O’Cathain, Petroceltic’s chief executive.

"On a more positive note, the rig is moving to complete a development well on the Kaliakra gas discovery. It will then drill the company’s first exploration wells offshore Romania this summer to test two high potential, proven exploration plays in Est Cobalcescu and Muridava."

Petroceltic is based in Edinburgh and focused on North Africa, the Mediterranean and Black Sea regions.

 



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