Project Profile
Value: US$60 million
Location: Western Black Sea
Reserves: Muridava - 169 Bcf, Cobalcescu - 411 Bcf
Discovery: Muridava - 4Q 2013, Cobalcescu - August 2013
EX-27 Muridava and EX-28 Est Cobalcescu blocks had previously been within an area the subject of a territorial water dispute between Romania and Ukraine which has recently been fully resolved. The blocks are contained in the shallow waters of the western Black Sea and initial analysis indicates that they could be highly prospective with both oil and gas potential.
The Muridava prospect is located in block EX-27 in the Romanian sector of the Black Sea. Muridava is on trend with the Olimpiskaya and Eugenia discoveries. A well was drilled by the GSP Prometeu (300\' ILC) during 4Q 2013 to test Eocene, Paleocene and Cretaceous targets thought to hold combined unrisked prospective gas resources of 169 Bcf.
Cobalcescu South is located the East Cobalcescu Concession (Block EX-28)in the Romanian sector of the Black Sea. Well 01RX was drilled in August 2013 to test the hydrocarbon potential of Pontian-aged sandstones. The operator estimates unrisked mean prospective gas resouces of 411 Bcf.
Petroceltic acquired its 40% operated interest in EX-28 Est Cobalcescu, as a result of its merger with Melrose Resources in 2012. A 30% interest in Est Cobalcescu was farmed out to Beach Energy in 2012.
Operators:
Petroceltic (Melrose Resources): Operator with 40% working interest in both concessions
Beach Petroleum: 30% interest in Est Cobalcescu (after a farm-in September 2012)
Sterling Resources: 40% interest in Muridava concession (after a farm-in March 2012)
Petromar Resources S.A.: 30% working interest in Est Cobalcescu and 20% working interest in Muridava concession
Contractors:
GSP Offshore: Drilling using GSP Prometeu jack-up rig