Monday, September 02 10:34:44
Dublin-based oil and gas explorer Petroceltic has started drilling of the first probe in a multi-well exploration campaign in Iraq's Kurdistan province.
The Shakrok-1 well, which is being drilled in the Shakrok licence, is targeting estimated proven and probable resources of 650 million barrels in Jurassic and Triassic reservoirs on a trend that has yielded earlier discoveries including Shaikan, Swara Tika, Atrush and Bina Bawi.
The probe is expected to take around 150 days to reached planned total depth of around 3000 metres.
London-listed Petroceltic holds a 16pc interest in both the Shakrok and Dinarta production sharing contracts in the semi-autonomous region of northern Iraq, with US partner Hess on 64pc and the Kurdistan Regional Government holding a 20pc carried interest.
Chief executive Brian O'Cathain said "a number of large exploration targets have been identified as the explorer spuds its first wells in the Kurdish play.
Seperately, the company also announced that it has spudded the Cobalcescu South well at its Est Cobalcescu block off Romania with estimated gross proven and probable prospective resources of more than 400 billion cubic feet of gas.