Petroceltic Plugs, Abandons Tunisia Oryx Well

Petroceltic announced that the Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has reached its total depth at 1140m. 

Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The Oryx-1 well has been drilled substantially under budget and without incident. 

The well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4. 

Petroceltic has no financial exposure in the 2010 Ksar Hadada program. Both Oryx-1 and Sidi Toui-4 wells form part of the work program in the PetroAsian Energy Holdings Limited farm-in agreement. The agreement commits PetroAsian to financing all of the joint venture's work commitments in the current program, including the drilling of these two wells, up to US $14.5 million. 

Independent expert assessment by Blackwatch Petroleum Services Ltd. indicates a most likely (P50) contingent resources in the Sidi Toui Structure of 88 MMbbsl oil, with a 40% chance of success to a well. 

Brian O'Cathain, Chief Executive, commented, "The results of this well will be used to high-grade the Ordovician prospect inventory for the Ksar Hadada permit. We are pleased to now focus on the drilling of the Sidi Toui-4 deviated well and our evaluation of the Sidi Toui Structure."