Petroceltic Kicks Off Drilling Campaigns in Romania, Kurdistan

Junior explorer Petroceltic International reported Monday that its drilling campaigns in Romania and Iraq's Kurdistan region have begun with the spud of two wells.

In Romania, the firm has begun drilling the Cobalcescu South well. Located in the Black Sea some 100 miles northeast of Constanta in the southwest corner of license block EX-28, the well is located in around 280 feet of water, the well is targeting P50 gross prospective resources of 404 billion cubic feet of gas in two Miocene zones.

In Iraqi Kurdistan Petroceltic is drilling the Shakrok-1 well, which is targeting Jurassic and Triassic fractured carbonate reservoirs that in recent years have yielded several major discoveries along trend. Estimates indicated that Shakrok has a consolidated P50 resource potential of 650 million barrels of recoverable oil and a geological chance of success of 24.5 percent.

Petroceltic said it expects the Cobalcescu South well to take two months to drill, which the Shakrok well is expected to take approximately 150 days.

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

"The spudding of our first wells in the Kurdistan Region of Iraq and Romania, heralds an exciting period for Petroceltic. The Shakrok-1 well in Kurdistan is the first well in a multi-well campaign planned for this prolific petroleum province where a number of large exploration targets have been identified. Shakrok has multiple Jurassic and Triassic oil reservoir targets each with substantial resource potential. Recent regional drilling results also suggest that there could be substantial upside resource potential beyond the currently mapped structural closure.

"In Romania, the 3D seismic survey acquired in 2012 has confirmed the presence of a significant gas prospect inventory in a number of different hydrocarbon plays. Cobalcescu South is the first well in the campaign and it will be immediately followed by an exploration well on the adjacent Muridava license."

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