7th Apr 2014 12:06
LONDON (Alliance News) - Petroceltic International PLC Monday said it found limited hydrocarbons at the Shakrok-1 well and has decided not to test the uncovered zone.
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 the well, which is in the Kurdistan Region of Iraq, reached its total depth of 3,538 metres on March 30.
The company said that wireline logs and fluid sampling showed the presence of a 27 metre gas-condensate column in the Triassic formation of the well but decided not to test the zone and the interval will now be plugged and abandoned.
Petroceltic said the forward plan for the well is to carry out a major testing programme over a number of oil zones in the Jurassic region - the primary objective of the well - which is expected to continue until mid-May.
The company also said preparations for drilling continue on its Dinarta licence and the Parker rig 247 is currently being moved to the Shireen-1 location, with drilling expected to commence in early May.
Petroceltic said the Shireen-1 well is scheduled to take 150 days to reach its forecast total depth and is targeting oil in both the Jurassic and Triassic formations, with mean unrisked gross prospective oil resources of 706 million barrels.
Petroceltic shares were down 9.0% to 161.037 pence, putting it in the top AIM fallers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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