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Petroceltic to spud exploration well offshore Romania


Beach Energy announced that its partner Petroceltic is planning to spud the 01RX Cobălcescu South exploration well in Block EX-28, offshore Romania, during August. The well is to be drilled by the GSP Prometeu jack-up rig in 88 meters of water and will be drilled to approx. 3100 meters. Drilling is expected to take 60 days and the well is testing the hydrocarbon potential.

Petroceltic acquired its 40% operated interest in EX-28 Est Cobălcescu, located in shallow water in the western Black Sea, as a result of its merger with Melrose Resources in 2012. A 30% interest in Est Cobălcescu was farmed out to Beach Energy in 2012. EX-28 Est Cobălcescu and adjacent block EX-27 Muridava were both awarded in the Romanian 10th Licensing Round and ratified in late 2011.

EX-27 Muridava and EX-28 Est Cobălcescu contain multiple exploration plays. The two licenses have a combined area of approximately 2,000 square kilometers. The licenses have a three year initial exploration term which commenced in October 2011 which may be followed by two optional extensions totaling up to seven years. The initial three year minimum work program for each block comprises seismic acquisition in year one, one well in year two and two wells in year three.



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