Petroceltic Gives Update on Operations

By John Lee.

In its Preliminary Results Announcement on Friday, Petroceltic International has issued the following update on its operations in Iraqi Kurdistan:

Kurdistan - material prospects in a dynamic region

Petroceltic has been active in Kurdistan since 2011 and has worked closely with the operator, Hess, to undertake a comprehensive survey and analysis and ranking of prospects on the Shakrok and Dinarta blocks to support the drilling of two exploration wells during the initial three year licence period.

Activities in 2013 were principally focussed on rig contracting, permitting, civil engineering and well site preparation works ahead of the spudding of the Shakrok-1 well in August and in preparation for the spudding of the Shireen well on the Dinarta block this year.

Both wells are located close to analogous discoveries in adjacent acreage and have multiple exploration targets in a series of stacked reservoir units in the Jurassic and Triassic formations.

More broadly, Kurdistan itself is continuing the transition from being an exploration province to creating the infrastructure and commercial arrangements necessary to commercialise the recent material oil and gas discoveries within the region.

On 7 April, the Group announced that the Shakrok-1 well had reached its total depth of 3,538 metres and that a total of 4 Jurassic zones had been selected for testing. To date, two drill stem tests (DSTs) have been undertaken on the Butmah formation with neither flowing hydrocarbons, two further DST's are planned on the overlying Adaiyah and Mus intervals with results anticipated in late May.

The Shireen-1 well will spud in late May and has an anticipated drilling duration of approximately 150 days. The forecast drilling duration of this well extends beyond the end of the first exploration sub-period of the Dinarta PSC. Consequently the operator is taking steps to ensure that the joint venture retains its option to progress to the next phase of the licence in an orderly manner.

(Source: Petroceltic)

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