Petroceltic Announces Exit From Romania, Tethys Starts Drilling in Lithuania

While Petroceltic was announcing its exit from Romania, Sweden-headquartered Tethys Oil started its drilling programme in Lithuania.  

‘A three well drilling programme on the Raseiniai licence onshore Lithuania has commenced. The first well, the Bedugnis-1 well, is planned to be drilled vertically to a total measured depth of 1,100 meters. Drilling and evaluation are expected to continue for approximately 45 days’ reads a note released by the company. 

Tethys Oil has a 30% indirect interest in the Raseiniai licence, which covers 1,535 square kilometres onshore Lithuania. 

Conversely, Petroceltic left Romania. 

‘Petroceltic has sold the entire share capital of Petroceltic Romania B.V. (which holds the interests in the Company’s two licences in Romania, Block 27 Muridava and Block 28 Est Cobalcescu) to GVC Investment B.V., a private limited company, which has considerable oil and gas assets in the area. Following these transactions, Petroceltic has no remaining interests in Romania’ the company wrote on its website. 

Petroceltic said that it will redirect its focus to Egypt and Italy.

“This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures” Brian O’Cathain, CEO of Petroceltic, commented, in a note released on Tuesday.