Oil and gas group Petroceltic International PLC (EG5A.DB) said Friday in
an update on its western Black Sea drilling operations that a rig has
returned to its operations base for maintenance works, resulting in the
deferral of the next exploration well in the drilling program.
MAIN FACTS:
-The Muridava-1 well will be drilled on the same geologic
trend as the existing Olimpiskaya and Eugenia gas discoveries and has
multiple reservoir targets in the Eocene, Palaeocene and Cretaceous
formations. The well will be drilled to a total depth of around 2,500 meters and is expected to take less than two months to complete.
-The Block Ex-27 partnership comprises Petroceltic Romania
B.V, (40% equity and operator), Midia Resources S.R.L. which is a wholly
owned subsidiary of Sterling Resources Ltd. (SLG.V, 40% equity) and
Petromar Resources S.A. (20% equity).
-Shares at 0811 GMT, down 0.02 pence, or 1.1%, at 159 pence valuing the company at GBP282.2 million.