Petroceltic International Operational Update

Source: www.gulfoilandgas.com 10/12/2010, Location: Africa

Ksar Hadada permit. (Petroceltic Interest 27.03%, Operator, Partners PetroAsian Energy (Tunisia) Limited (Petroasian), 51%, Independent Resources (Ksar Hadada) Limited, 18.97%, GA.I.A srl, 1.5%, and Derwent Resources 1.5%).

In Tunisia, the CTF Rig 06 has reached total depth in the Sidi Toui-4 (ST-4) exploration well at 1603 metres (along hole measured depth). The ST-4 well was designed and successfully drilled as a deviated well bore through the Upper Ordovician, penetrating 364m of the objective Bir Ben Tartar Formation at an average deviation angle of 77 degrees.

Although oil shows were encountered in the Bir Ben Tartar reservoir unit, evaluation of the extensive logging suite acquired in the Ordovician section indicates that the oil saturation and reservoir fracturation is insufficient at the ST-4 location to justify fracture stimulation and testing of this well bore.

The well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be demobilized.

Both Oryx-1 and Sidi Toui-4 wells form part of the work programme that was agreed when Petroasian Energy Holdings Limited (Petroasian) 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 these two wells, up to a maximum of US$14.5 million. Petroceltic currently estimates that it will have to make a modest contribution to the overall cost of this two well exploration programme, of the order of US $ 0.27 million.

Brian O'Cathain, Chief Executive commented:
“We are pleased to report that plans for the forthcoming appraisal drilling programme on Ain Tsila are on schedule. The results of the studies on the field work done to date are extremely encouraging and, through the 2010/11 programme, we look forward to confirming additional Gas in place and the likely recoverable reserves.

While the outcome of the ST-4 exploration well is disappointing, the extensive modern logging data collected in this well will now be used to high-grade the remaining prospect inventory for the permit. Petroceltic will review all the data collected from the ST-4 well before making a decision on whether to continue with any further exploration on the Ksar Hadada block.


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Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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