Petroceltic Abandons Bulgarian Black Sea Well

Dublin-based oil and gas explorer Petroceltic International is to abandon an exploration well off the Bulgarian coast that failed to yield enough gas to justify commercial production.

The Kamchia-1 exploration well, part of the Galata exploration concession, reached a total depth of 2,887 feet and encountered 56 feet of carbonate sands with sub-commercial gas saturations, the company said.

The drilling rig will now move to complete a development well on the Kaliakra gas discovery, and then drill the company’s first exploration wells offshore Romania later this year.

“We are disappointed with the outcome of the Kamchia-1 well and plan to complete the post drill analysis prior to formulating forward plans for the Galata exploration concession,” chief executive Brian O’Cathain said, as cited by The Irish Times.

The company’s shares fell 5 per cent in early London trading to 6.33 pence Friday.

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