Petroceltic International is planning to drill 10 wells in the next 12 months, the company announced.
The plan includes drilling six exploration wells in Egypt, the Kurdistan Region of Iraq, the Black Sea, and Italy; two shallow wells in the Nile Delta, Egypt, with early production potential; and two wells in Bulgaria, including the Kamchia exploration well with early production potential and completion for production of the suspended Kaliakra discovery well.
The company also announced commissioning activities on the West Dikirnis LPG plant expansion in Egypt will begin around year-end. The company hopes to bring the East Dikirnis-1 and West Abu Khadra-1 wells in Egypt on stream in early 2013.
“The commencement of Mesaha-1 kicks off an exciting program of 10 exploration and development wells over the next year. Mesaha-1 well is a wildcat in a new basin with an uncertain stratigraphy but numerous big fault block structures,” Brian O’Cathain, chief executive of Petroceltic, said in a prepared statement. “Any evidence for a working petroleum system in this frontier area will be encouraging, given the substantial upside potential in the region. Early results of seismic processing in Romania and Kurdistan are promising, and we look forward to drilling these potentially transformational exploration wells in the second and third quarters of 2013.”
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