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Petroceltic won't test in Kurdish Iraq

Monday, April 07 14:30:32

Irish-based global oil and gas prospector, Petroceltic, today said that it has decided not to test a zone it was drilling in the Kurdistan region of Iraq.

It said that, on the Shakrok licence (Petroceltic 16pc, Hess (Operator) 64pc and Kurdistan Regional Government 20pc), the Shakrok-1 well reached its total depth of 3,538m on 30th March 2014, in the Triassic Geli Khana formation.

Wireline logs and fluid sampling via Modular Depth Testing (MDT) tool have established the presence of a 27m gas-condensate column in the Triassic formation.

The co-venturers have decided not to test this Triassic zone, and the interval will now be plugged and abandoned, Petroceltic said.

Brian O'Cathain, Chief Executive of Petroceltic, commented: "This is our first exploration well in the Kurdistan Region of Iraq. While the secondary Triassic objective has found limited hydrocarbons, we believe that the outcome of the testing program on the primary Jurassic objective is independent of the Triassic result. We will continue to update shareholders on the outcome of the Shakrok well testing and Dinarta operations as soon as material results are available."