Petroceltic Commences Gas Search Offshore Romania

Ireland based explorer Petroceltic International has begun drilling for gas off the coast of Romania.

The firm is drilling the Cobalcescu South well off the coast of Romania, the first in a multi-well drilling campaign spread across two offshore blocks in the Black Sea. 

Work on the well, located 170 km northeast of Constanta, will begin 90 meters under the water’s surface with the well to reach a total depth of 3100 meters. The Cobalcescu South well is expected to take two months.

“In Romania, the 3D seismic survey acquired in 2012 has confirmed the presence of a significant gas prospect inventory in a number of different hydrocarbon plays. Cobalcescu South is the first well in the campaign and it will be immediately followed by an exploration well on the adjacent Muridava licence,” Petroceltic chief executive Brian O’Cathain said.

The Dublin based company plans 2013 investments of US 20 million for exploration works at two offshore concessions in the Romanian section of the Black Sea.

Petroceltic, through Melrose Resources Romania BV, holds a 40 percent working interest in the two exploration concessions offshore Romania known as Muridava (Block EX-27) and Est Cobalcescu (Block EX-28). The two licences have a combined area of approximately 2,000 square kilometres located in shallow water in the western Black Sea.

Both blocks are operated by Petroceltic, with the Est Cobalcescu licence, which contains the Cobalcescu South prospect, held in partnership with Beach Petroleum SRL (30 percent) and Petromar Resources SA (30 percent).  Sterling Resources Ltd (as to 40%) and Petromar (as to 20%) owns the balance of equity stakes in Muridava concession. 

“The 3D seismic prospection made in 2012 in the Muridava and Est Cobalcescu perimeters, on a surface of 1.930 square kilometers have confirmed the presence of potential hydrocarbon resources estimated to the equivalent of 50 up to 80 billion cubic meters”, reported a Petroceltic presentation.