Petroceltic Operations Update

By John Lee.

In its operations update this morning, Petroceltic International issued the follow statement on its operation in Iraqi Kurdistan:

Geophysical surveying operations at the Shakrok block (Petroceltic 16% working interest) were completed on 21 September 2012, with 276 kilometres of 2D seismic lines acquired. Drilling remains scheduled to commence on Shakrok in Q3 2013 and rig contract negotiations are well advanced.

The most likely first well on the block will target the main Shakrok anticlinal structure, with a most likely gross prospective resource of 650 MMbbls, and a chance of success of 24.5%1. The well will primarily target Jurassic and Triassic reservoirs.

On the Dinarta block (Petroceltic 16% working interest), geophysical survey operations continue. It is expected that a second rig will be used for the Dinarta well, which is due to start drilling in Q4 2013 and negotiations for a rig contract award have also commenced.

Brian O'Cathain (pictured), Chief Executive of Petroceltic commented:

"The commencement of Mesaha-1 kicks off an exciting programme of ten exploration and development wells over the next year. Mesaha-1 well is a wildcat in a new basin with an uncertain stratigraphy but numerous big fault block structures. Any evidence for a working petroleum system in this frontier area will be encouraging, given the substantial upside potential in the region. Early results of seismic processing in Romania and Kurdistan are promising and we look forward to drilling these potentially transformational exploration wells in the second and third quarters of 2013."

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