Petroceltic Targets More Gas Offshore Bulgaria

Ireland's Petroceltic is lining up four exploratory wells in the Black Sea offshore Bulgaria and Romania.

In the Bulgarian sector, the Kamchia-1 well is expected to spud in April, targeting a 27-bcf (765 MMcm) gas prospect, the online edition offshore-mag.com reported.

Seven other nearby leads and prospects have been identified on 3D seismic with combined prospective resources of 102 bcf (2.9 bcm). Any finds could be developed through the Galata offshore production infrastructure.

Late last year the company signed a letter of intent with Romanian contractor Grup Servicii Petroliere for a jackup for the program.

In October last year Bulgarian authorities gave the green light to the merger of exploration firm Petroceltic and Edinburgh-based oil and gas producer Melrose Resources, which has major operations in the country.

The Bulgarian Commission on Protection of Competition approved the deal without conditions and all regulatory conditions of the merger had been satisfied or waived, the pair announced.

The deal, which was announced in August, created a diversified yet regionally focused company, according to Petroceltic. The company has licenses in Algeria and Italy, while Melrose is focused on Egypt, Bulgaria, Romania and Turkey.

The combined group, which retained the Petroceltic name, is headquartered in Dublin.

Petroceltic shareholders hold a 54% stake in the company, while Melrose has a 46% share.