Petroceltic abandons first Romania well
DUBLIN-listed Petroceltic said yesterday that the first of two wells the explorer is drilling in Romania failed to find gas in commercial quantities.
Petroceltic said it had unearthed gas in good quality reservoirs but the amount was not commercial. The well will now be blocked up again and abandoned.
Cobalcescu South-1, an exploration well offshore Romania in the Black Sea, was drilled to a depth of 3,298 metres and the company reached the targeted Miocene stratigraphic levels.
"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," said chief executive Brian O'Cathain.
The company is still planning to drill another well in the country.
"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," Mr O'Cathain added.
The company will now move its rig to the Muridava-1 exploration well, which is close to existing gas discoveries.
Muridava-1 will be drilled to a depth of 3,150 metres. The chance of success is estimated between 29pc and 43pc.