Petroceltic Comes Up Dry at Mesaha-1

Petroceltic International reported Wednesday that its Mesaha-1 exploration well in Egypt has been plugged and abandoned after the firm failed to find hydrocarbon indicators there.

The well, which was drilled to a total depth of 6,985 feet, is now being plugged and abandoned. Petroceltic said that the well has provided significant new data on the Mesaha basin statigraphy, which will be incorporated in a review of the regional geology prior to the planning of any future work on the block. Mesaha-1 was drilled for a gross cost of $10.3 million (Petroceltic holds a 40-percent working interest in the concession).

Petroceltic said that its South Damas-2 development well, in the Nile Delta, has been successfully drilled to 4,700 feet and completed using the Tanmia-1 rig and is expected to begin production in late February. The well is expected to increase the total South Damas field production rate to more than 20 million cubic feet of gas per day (from 12 million cfpd).

The firm added that the East Diikirnis-1 development well has now been successfully tied back to the nearly West Dikirnis facilities and was brought into production on January 26. The well is currently being produced at a restricted rate of 150 barrels of oil per day in order to gather reservoir performance data prior to optimizing the oil production rate.

Petroceltic Chief Executive Brian O'Cathain commented in a statement:

"While we are naturally disappointed not to have encountered any evidence of hydrocarbons in the Mesaha wildcat exploration well, it has provided valuable new information on this frontier exploration area in southern Egypt. We are very happy with the progress we are making in our development projects in Egypt whilst the South Damas-2 drilling results are particularly pleasing. Meanwhile, we look forward to commencing our high potential exploration drilling programs in the Black Sea and Kurdistan Region of Iraq later this year."



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