Petroceltic Comes up Dry at Cobalcescu South-1 Well

Junior explorer Petroceltic International reported Thursday that its Cobalcescu South-1 exploration well offshore Romania has come up dry and will be plugged and abandoned.

Petroceltic said that the well, which it operates with a 40-percent interest, was designed to test a prospect located in the southwestern part of the Est Cobalcescu concession. It was drilled by the GSP Prometeu (300' jack-up) rig to a depth of 10,820 feet and encountered good-quality sandstone reservoirs at Miocene stratigraphic levels with gas shows while drilling.

However, commercial quantities of hydrocarbons were not present. The company is currently analyzing the well data in conjunction with the high-quality 3D seismic acquired in 2012, with a view to updating the regional geological model to support planning for future activities on the block.

Petroceltic added that the GSP Prometeu rig will now move to the Muridava concession, where it is also the operator, to spud the Muridava-1 exploration well. This well has multiple targets in Eocene, Palaeocene and Cretaceous formations, with combined un-risked prospective resources of 169 billion cubic feet of gas.

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

"Although commercial quantities of hydrocarbons have not been encountered at Cobalcescu South-1, the well has confirmed the presence of good quality sandstone reservoirs in the Miocene interval and the presence of a working petroleum system in the area of Block EX-28. We now look forward to drilling Muridava-1, where some other regionally proven play types independent of the Miocene objectives at Cobalcescu South will be evaluated."



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