Petroceltic Spud Oryx-1 Well in Ksar Hadada Permit

Source: www.gulfoilandgas.com 7/20/2010, Location: Africa

Petroceltic International plc (“Petroceltic” or “the Company”), the independent oil & gas exploration company focussed on the Middle East, North Africa and Mediterranean is pleased to announce the commencement of drilling operations for the exploration well Oryx-1 on the Ksar Hadada Permit in Tunisia. Petroceltic holds a 27.03% interest and is the operator of the permit which covers an area of 5,608 square kilometres.

The Oryx-1 well is the first of a two well drilling programme that forms part of the work programme agreed when PetroAsian Energy Holdings Limited farmed into the permit. PetroAsian is committed to finance all of the joint venture’s work commitments in the current programme, including the drilling of the two wells, up to US$14.5 million.

The well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a vertical target depth of a minimum of 1,165 metres. It is envisaged that the Oryx-1 well will take approximately three weeks to drill at a dry hole cost of approximately US$ 4.35 million. Independent expert assessment by Blackwatch Petroleum Services Ltd., estimates that the most likely (P50) prospective resources in the Oryx target of 25MMbbls oil, with a 34% chance of success to the exploration well.

On completion of the Oryx-1 well, the rig will be moved to the site for the Sidi Toui-4 well to drill the second well in the current programme.

Brian O’Cathain, Chief Executive commented: “We are pleased to be drilling again in Tunisia on this high-potential exploration licence. We look forward to some interesting evaluation results in the near future”.


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