Business

Thursday 21 September 2017

Exploration firm Petroceltic reports delays in Romanian drilling operations

Sarah McCabe

Sarah McCabe

AFRICAN-focused oil and gas company Petroceltic has reported delays in the development of an exploration well in Romania.

The company, whose operations are based in North Africa, the Mediterranean and the Black Sea, said there has been a delay to its offshore Romania drilling operations.

Its GSP Prometeu rig has just completed the first of two exploration wells planned to be drilled in this region this year (the Cobalcescu South-1 well in Block 28) but the second has now been deferred (the Muridava-1 well on Block 27).

This was blamed on machinery used on the drilling of the first well, which had to be returned to its operations base for “unscheduled but necessary maintenance works.”

The company now expects the exploration well planned for Block 27 to be delayed the end of the first quarter next year.

Petroceltic has a 40pc equity interest in Block 27 and is also the operator of the site. Other parties include Midia Resources, the wholly owned subsidiary of Sterling Resources which has 40pc interest, and Petromar Resources, which has a 20pc stake.

Petroceltic, which is listed on the London Stock Exchange's  AIM Market and the  Irish Stock Exchange's  ESM  Market, also has assets in development or production in Algeria, Bulgaria, Egypt, the Kurdistan Region of  Iraq, Italy, Greece and Romania.

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