OREANDA-NEWS.  Petroceltic International plc, the independent oil and gas exploration company focused on the Middle East, North Africa, Mediterranean and Black Sea regions, announces an update on its operations in the Kurdistan Region of Iraq.

Kurdistan: The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%) reached its total depth of 3,538m on 30 March 2014, as previously announced. Based on core and wireline log data, the Joint Venture partnership agreed to carry out Drill Stem Tests (DSTs) over four potential oil zones in the Jurassic interval, which is the primary objective of the well.

The first two of these DSTs have been completed in the fractured carbonates of the Butmah formation. Both of these tests flowed formation water to surface with no hydrocarbons. The forward plan is to proceed with the testing programme and run two further DSTs in the overlying Adaiyah and Mus intervals. Testing operations are planned to continue until late May.

Drilling preparations are at an advanced stage for the Shireen-1 well on the Dinarta licence (Petroceltic 16%, Hess (Operator) 64% and Kurdistan Regional Government 20%). The Parker Rig 247 is currently being rigged-up on the Shireen-1 location. Drilling is scheduled to commence within 3 to 4 weeks and the well is expected to take around 150 days to reach its planned total depth. The well is targeting oil in both the Jurassic and Triassic formations, with gross mean unrisked gross prospective oil resources of 706 MMbbls.