8th May 2014 13:24
LONDON (Alliance News) - Petroceltic International PLC Thursday said it has reached the halfway point of Jurassic formation testing at its Shakrok-1 well and has so far failed to find commercial levels of hydrocarbons.
The oil and gas exploration, development and production company, with interests in the Middle East and North Africa and producing assets in Egypt and Bulgaria, said two of its planned four drill stem tests at the Shakrok-1 well in the Kurdistan Region of Iraq flowed formation water to the surface but showed no hydrocarbons.
The company announced in April that the Shakrok-1 well reached its total depth of 3,538 metres on March 30 and only found limited hydrocarbons before its forward plan to carry out the testing programme over a number of oil zones in the Jurassic region, the primary objective of the well
On Thursday, it said that it now plans to proceed with its testing programme and run the two further drill stem tests at the Shakrok-1 site, which are expected to continue until late May.
Petroceltic also said drilling preparations are at an advanced stage for its Shireen-1 well in the Kurdistan Region of Iraq and drilling is expected to start in three to four weeks with another 150 days before the well reaches its planned total depth.
The company added that it has started an exploration well on the South Dikirnis prospect in Egypt which is scheduled to reach total depth in early June and its Muridava-1 exploration well in Romania, which started being drilled on April 11, is expected to take two months to complete.
Petroceltic shares were down 5.0% to 160.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L