Oil & gas explorer Petroceltic International is plugging and abandoning a well in Kurdistan, hitting its shares.


Petroceltic, which also has operations in North Africa, the Mediterranean and Black Sea regions, said it had found gas condensate in the Shakrok-1 well in the Triassic Geli Khana formation, but the group and its partners in the project had decided not to test the zone. Petroceltic has 16% of the licence.

It said it still planned a programme of tests on potential oil zones in the Shakrok licence's Jurassic zone, which were expected to last until mid-May.

It said preparations for drilling on its Dinarta licence, in which it also has a 16% stake, were continuing with a start planned for early May.

Chief Executive Brian O'Cathain said Petroceltic would keep investors updated on progress.

He said: "This is our first exploration well in the Kurdistan Region of Iraq. While the secondary Triassic objective has found limited hydrocarbons, we believe the outcome of the testing programme on the primary Jurassic objective is independent of the Triassic result."


PNA -
Hawar Abdulrazaq