14th Nov 2013 14:31
LONDON (Alliance News) - Oil and gas exploration company Petroceltic International PLC Thursday said it plans to plug and abandon its Cobalcescu South-1 exploration well offshore Romania after it failed to find commercial quantities of hydrocarbons.
The company is now analysing the well data in conjunction with the high quality 3D seismic acquired in 2012 with a view to updating the regional geologic model to support planning for future activities on the block.
"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, Chief Executive Brian O'Cathain said in a statement.
Petroceltric said it will start drilling Muridava-1 off the Black Sea.
"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," O'Cathain added.
The stock was trading at 151.00 pence Thursday afternoon, down 0.25 pence or 0.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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