Business Irish

Monday 19 March 2018

Petroceltic's Romanian well hit by delays

Geoff Probert, Head of Technical at Petroceltic
Geoff Probert, Head of Technical at Petroceltic
Sarah McCabe

Sarah McCabe

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 had 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 to 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.

Shares traded at €1.81 yesterday afternoon, unchanged from the previous day.

"While the announcement may rank as a marginal disappointment, given that it purely relates to a delay in exploration activity offshore Romania, and in the context of more material newsflow due from Kurdistan over the coming months, we expect limited impact on the share price," said Goodbody Stockbrokers' Gerry Hennigan.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business