Petroceltic books GSP jackup for Black Sea wells

Offshore staff

DUBLIN, Ireland – Petroceltic has issued its first operations update since completing its merger with Melrose Resources.

The company has signed a letter of intent with Grup Servicii Petroliere to provide a jackup for a four-well program in the western Black Sea, starting in 1Q 2013, on interests formerly owned by Melrose.

The rig will first drill the Kamchia-1 exploration well on the Galata block, targeting prospective gas resources of 27 bcf (764-MMcm). If the outcome appears commercial, the well could be swiftly brought onstream via a tieback to the Galata platform using similar subsea technology employed for the Kavarna and Kaliakra satellites.

A further seven exploration leads and prospects have been identified close to the Kamchia structure with combined resources of 102 bcf (2.9 bcm).

Next, the rig will complete the suspended Kaliakra discovery well to enable it to be tied back for production. The Kavarna East development will likely be re-phased into 2014.

The rig’s two remaining slots will be used for the company’s first exploration wells offshore Romania, one on each of the Muridava and East Cobalcescu blocks, in which Petroceltic has a 40% interest.

Prospects to be tested by these wells remain subject to interpretation of recently acquired 3D seismic which has confirmed the presence of the main exploration plays imaged in older 2D data. These include Eocene and Cretaceous oil plays and Pliocene and Miocene gas plays with the gross potential resources across the blocks estimated at 1-2 tcf.

11/06/2012

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