Petroceltic International provides an update on its western Black Sea drilling operations where the GSP Prometeu jack-up drilling rig has completed the first of four wells planned for this year.

The Kamchia-1 exploration well offshore Bulgaria was designed to test a prospect located in the central area of the Galata exploration concession. The well was drilled to a total depth of 2,887 feet and encountered 56 feet of carbonate sands with sub-commercial gas saturations. The well has consequently been plugged and abandoned. The Company is currently analysing the well data with a view to updating the regional geologic model and deciding whether to enter into the final two year extension of the exploration licence later this year.

Tags: Petroceltic International plc