Petroceltic International provide operations update - 10 wells planned over next 12 months
Tuesday, Nov 06, 2012

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, today provides an operational update on its near term drilling and development activities.

Operated Drilling

Egypt

Drilling operations on the Mesaha-1 frontier exploration well in southern Egypt have commenced; this is the first exploration well to be drilled in the 43,000 square kilometre Mesaha concession, which contains one of the larger untested sedimentary basins in East Africa. The well is being drilled into a major tilted fault block and will provide information on the stratigraphy of the basin and the possible presence of effective reservoir and hydrocarbon source rocks. The planned well depth is 9900 feet and it is expected to take approximately two months to drill at a cost of $8.0 million (gross). Petroceltic operates and holds a 40%working interest in the concession.

In addition to Mesaha-1, Petroceltic has also contracted a second rig to drill two shallow wells in the Nile Delta. The first well will be the North Tarif-1 exploration well (previously referred to as Mustafa-1) which is targeting a four-way dip closure in the Mansoura concession  five kilometres to the east of the East Dikirnis field. The prospective resources are estimated at 2 MMbbl of oil and 16 Bcf of gas. The well will cost approximately $4.0 million and is planned to spud in early December.

If successful the well will be tied back to East Dikirnis and producing within a few months of the discovery.

The rig will then move to drill a development well on the South Damas gas field in the South East Mansoura concession. This field has out-performed since inception and the additional production well is required to effectively access the proved plus probable reserves of 50 Bcf. The well is estimated to cost approximately $4.0 million to drill and complete. Petroceltic has a 100% working interest in its Nile Delta concessions.

Bulgaria and Romania

The Company has signed a letter of intent with Grup Servicii Petroliere S.A. for the provision of a jack-up drilling rig to perform four well operations in the western Black Sea, commencing in the first quarter 2013.

The rig will first be used to drill the Kamchia-1 exploration well in the Galata block (Petroceltic 100% working interest), targeting prospective resources of 27 Bcf of gas. In the event of success, the well could be rapidly tied back to the Galata platform for production using similar subsea technology employed for the Kavarna and Kaliakra developments.

A further seven exploration leads and prospects have been identified in the vicinity of the Kamchia structure containing combined prospective resources of 102 Bcf of gas.

Subsequently, the rig will complete the suspended Kaliakra discovery well to enable it to be tied back for production. This operation, coupled with the reinstatement of production from the Galata field, should allow the Company to maintain its planned Bulgarian production levels in 2013 with the re-phasing of the Kavarna East development into 2014.

The two remaining rig slots will be used to drill the Company's first exploration wells offshore Romania, one on each of the Muridava and East Cobalcescu blocks (Petroceltic 40%working interest). The prospects to be tested by these wells remain subject to the ongoing interpretation of the recently acquired 3D seismic data which has confirmed the presence of the main exploration plays identified in older vintage 2D seismic data. These include Eocene and Cretaceous oil plays and  Pliocene and Miocene gas plays with the gross potential resources on the blocks estimated to be in the range of 1 Tcfe to 2 Tcfe.

Source: Petroceltic International plc

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