Petroceltic abandons Black Sea well after ‘disappointing’ results

Oil and gas explorer Petroceltic International, which bought Edinburgh-based Melrose Resources last year, has abandoned an exploration well off the Bulgarian coast after it failed to find enough gas to justify commercial production.

The Kamchia-1 well, part of the Galata exploration concession, was drilled to a total depth of 2,887 feet but encountered “sub-commercial gas saturations”, the Irish company said.

Petroceltic chief executive Brian O’Cathain said the drilling rig will now relocate to complete the suspended Kaliakra discovery well for gas production.

He added: “We are disappointed with the outcome of the Kamchia-1 well and plan to complete the post-drill analysis prior to formulating forward plans for the Galata exploration concession.

“On a more positive note, the rig is moving to complete a development well on the Kaliakra gas discovery. It will then drill the company’s first exploration wells offshore Romania this summer to test two high-potential, proven exploration plays in Est Cobalcescu and Muridava.”