Petroceltic's 1st Black Sea Well Comes up Dry

Petroceltic International reported Friday that the GSP Prometeu (300' ILC) rig has completed the first of the four wells the company has planned in the western Black Sea this year, but the well came up dry.

The rig will relocate to complete the suspended Kaliakra discovery well for gas production now that it has drilled the Kamchia-1 exploration well offshore Bulgaria. The Kamchia-1 well – targeting a prospect in the central area of the firm's Galata exploration succession – was drilled to a total depth of 2,887 feet, encountering 56 feet of carbonate sands but with what Petroceltic described as sub-commercial gas saturations.

The Kamchia-1 well has been plugged and abandoned, and Petroceltic is currently analyzing the well data with a view to updating its regional geological model and deciding whether to enter into the final two-year extension of the exploration license later this year.

After it has finished at the Kaliakra field, the GSP Prometeu rig will move to Romania to drill to exploration wells on the Est Cobalcescu (Block 28) and Muridava (Block 27) offshore concessions. These wells are targeting prospective resources of 404 and 169 billion cubic feet of gas respectively. Petroceltic has a 40-percent operated interest in both of these concessions.

Petroceltic Chief Executive Brian O'Cathain commented:

"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. 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."

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