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Petroceltic International plc provide Egyptian operational update

Thursday, Feb 07, 2013

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Mediterranean and Black Sea regions, today provides an update on its Egyptian exploration and development activities.

Drilling operations on the Mesaha-1 frontier exploration well in southern Egypt have been completed by the EDC-9 rig and the well reached a total depth of 6,985 feet. The well failed to encounter any hydrocarbon indicators and is being plugged and abandoned. The well has provided significant new data on the Mesaha basin stratigraphy which will be incorporated in a review of the regional geology prior to optimising any future work plans for the block. The well was drilled for a gross cost of US$10.3 million and Petroceltic holds a 40 percent working interest in the concession.

In the Nile Delta, the South Damas-2 development well has been successfully drilled to 4,700 feet and completed using the Tanmia-1 rig and is expected to commence production in late February. The well encountered the top reservoir interval approximately 33 feet higher than the existing South Damas-1 producer and penetrated 96 feet of high quality gas-bearing sands in the Messinian formation. The well is expected to increase the total South Damas field production rate to over 20 MMcfpd (from the current 12 MMcfpd) and to accelerate the efficient recovery of the field's proved plus probable reserves of 50 Bcf.

The East Dikirnis-1 development well has been successfully tied back to the nearby West Dikirnis facilities using a 14 kilometre, 6 inch diameter flow line and was brought on production on the 26th January. In common with producers in the West Dikirnis field, the new well has initially been completed in the reservoir oil rim to maximise hydrocarbon liquids recovery prior to switching to produce the gas cap reserves later in the field life. The well is currently being produced at a restricted rate of 150 bpd of oil in order to gather reservoir performance data prior to optimising the oil production rate.

The Company's development projects are progressing within budget and the commissioning activities on the West Dikirnis LPG plant expansion are well advanced. Phase I of the project, comprising the turbo expander, is expected on stream in February and Phase II, including the chiller units, in April. The West Khilala compression project remains on schedule to complete in mid year.

Source: Petroceltic International plc

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