Oil and gas firm Petroceltic said today it would abandon a gas exploration well off the Bulgarian coast.
The Irish company said the Kamchia-1 exploration well, which is part of the Galata field, had not produced commercial quantities of gas.
Chief executive Brian O’Cathain, said: “We are disappointed with the outcome and plan to complete the post drill analysis prior to formulating forward plans for the Galata exploration concession.
“On a more positive note, the rig is moving to complete a development well on the Kaliakra gas discovery. It will then drill the Company’s first exploration wells offshore Romania this summer to test two high potential, proven exploration plays in Est Cobalcescu and Muridava”.
The Company is currently analysing the well data with a view to deciding whether to enter into the final two year extension of the exploration licence for the Galata field later this year.
