Disappointing Results For Petroceltic On Ksar Hadada Well
Petroceltic International and its partners on the Ksar Hadada license in Tunisia have had disappointing results for the Oryx prospect, with an exploration well encountering no significant oil saturation at any of the targeted reservoirs. Independent Resources (IRG), which holds an 18.97% working interest in the acreage, said that the Oryx-1 well would be plugged and abandoned. The well was one of two planned on the block as part of the company’s 2010 North African drilling program, with work now set for the Sidi Toui-4 well, located on another prospect identified by 2D seismic completed in January.
“Oryx-1 was a higher-risk exploration well that disappointed. Fortunately, the data we acquired will be used elsewhere on the block, not least on the next well, which targets a significantly larger reservoir,” IRG executive chairman Grayson Nash said. Sidi Toui-4 is targeting an upper Ordovician reservoir, the Bir Ben Tartar formation, in the Sidi Toui structure, which has an estimated resource potential of 161mn barrels of oil. A subsidiary of PetroAsian Energy Holdings, which holds a 52.96% working interest, is financing the drilling as well as any new seismic acquisition, with an investment of up to $14.5mn.
Copyright MEES 2010.
