Petroceltic Spuds Shakrok-1

Shakrok-1 Well

Shakrok-1 is targeting Jurassic and Triassic fractured carbonate reservoirs which over recent years have yielded a number of major discoveries along trend, including Shaikan, Swara Tika, Atrush and Bina Bawi. The Shakrok Prospect is a broad four-way dip closed anticlinal structure mapped at surface and in the sub-surface.

The prospect contains multiple stacked reservoir targets of Jurassic and Triassic limestones and dolomites sealed by interbedded evaporites and shales. In August 2012 De Golyer and Mc Naughton estimated the total Shakrok prospect to have consolidated P50 resource potential of 650 million barrels of recoverable oil and a geological chance of success (Pg) of 24.5%.

The Shakrok-1 well has a proposed Total Depth ("TD") of circa 3000m and is estimated to take approximately 150 days to drill to the target TD.

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

"The spudding of our first wells in the Kurdistan Region of Iraq and Romania, heralds an exciting period for Petroceltic.

"The Shakrok-1 well in Kurdistan is the first well in a multi-well campaign planned for this prolific petroleum province where a number of large exploration targets have been identified. Shakrok has multiple Jurassic and Triassic oil reservoir targets each with substantial resource potential.

"Recent regional drilling results also suggest that there could be substantial upside resource potential beyond the currently mapped structural closure.

"In Romania, the 3D seismic survey acquired in 2012 has confirmed the presence of a significant gas prospect inventory in a number of different hydrocarbon plays.

"Cobalcescu South is the first well in the campaign and it will be immediately followed by an exploration well on the adjacent Muridava licence."

(Source: Petroceltic)

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