Petroceltic Abandons Cobalcescu South-1 Exploration Well

Ireland-based Petroceltic International did not find commercial quantities of hydrocarbons at the Cobalcescu South-1 exploration well offshore Romania. 

“Although commercial quantities of hydrocarbons have not been encountered at Cobalcescu South-1, the well has confirmed the presence of good quality sandstone reservoirs in the Miocene interval and the presence of a working petroleum system in the area of Block EX-28,” commented Brian O’Cathain, Petroceltic’s Chief Executive, commented. 

The well was drilled by the GSP Prometeu jack-up drilling rig to a total depth of 3,298m MD. 

“We now look forward to drilling Muridava-1, where some other regionally proven play types independent of the Miocene objectives at Cobalcescu South will be evaluated,” O’Cathain added in a note released on Thursday. 

According to the company the GSP Prometeu drilling rig will be transported to the Muridava concession to spud an exploration well with a planned depth similar to the one at Cobalcescu South-1. 

The well has combined unrisked prospective resources of 168 Bcf and chances of success which range between 29 and 43%.