GSP Prometeu Rig Completes 1st Well in Romanian Campaign

Junior explorer Petroceltic International reported Friday that the GSP Prometeu (300' ILC) rig has completed the first of two exploration wells planned for this year offshore Romania.

Following the drilling of the Cobalcescu South-1 well in Block Ex-28, the rig has returned to its operations base in Constanta to conduct some "unscheduled, but necessary" maintenance works, the firm said.

Pretroceltic said that the works have resulted in the deferral of the next exploration well in the drilling program – the Muridava-1 well on Block Ex-27 – which is now expected to spud at the end of the first quarter of 2014.

The Muridava-1 well will be drilled on the same geological trend as the existing Olumpiskaya and Eugenia gas discoveries and has multiple reservoir targets in the Eocene, Palaeocene and Cretaceous formations. Petroceltic added that the combined P50 prospective resources are 170 billion cubic feet of gas, with the chances of success for the individual zones being between 30 and 45 percent.

Petroceltic is the operator of Block Ex-27, with a 40-percent stake. Mida Resources and Petromar Resources hold 40 percent and 20 percent respectively.



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