Petroceltic Operations Update

By John Lee.

Petroceltic International plc, the independent oil and gas exploration company focused on the Middle East, North Africa, Mediterranean and Black Sea regions, has announced an update on its operations in the Kurdistan Region of Iraq, Egypt and Romania.

Below we have included their operations update for the Kurdistan region of Iraq:

Kurdistan: The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%) reached its total depth of 3,538m on 30 March 2014, as previously announced. Based on core and wireline log data, the Joint Venture partnership agreed to carry out Drill Stem Tests (DSTs) over four potential oil zones in the Jurassic interval, which is the primary objective of the well.

The first two of these DSTs have been completed in the fractured carbonates of the Butmah formation. Both of these tests flowed formation water to surface with no hydrocarbons. The forward plan is to proceed with the testing programme and run two further DSTs in the overlying Adaiyah and Mus intervals. Testing operations are planned to continue until late May.

Drilling preparations are at an advanced stage for the Shireen-1 well on the Dinarta licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%). The Parker Rig 247 is currently being rigged-up on the Shireen-1 location. Drilling is scheduled to commence within 3 to 4 weeks and the well is expected to take around 150 days to reach its planned total depth. The well is targeting oil in both the Jurassic and Triassic formations, with gross mean unrisked gross prospective oil resources of 706 MMbbls*.

Brian O'Cathain, Petroceltic's Chief Executive, commented:

"We have reached the half-way point of our Jurassic formation testing program in Shakrok-1. The well-test results to date indicate that the Butmah formation is water-bearing and contains only residual, non-moveable, hydrocarbons. The remaining two tests will target potential oil zones which have been identified by wireline logging within a gross 300 meter stratigraphic column beneath the Alan Anhydrite formation, which acts as an effective seal for oil columns in offsetting discoveries. We await with interest the outcome of these next two tests. We will continue to update shareholders on Shakrok well testing, Dinarta operations, and on our ongoing exploration wells in Egypt and Romania, as further material results become available."

(Source: Petroceltic)

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