Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The Oryx-1 well has been drilled substantially under budget.
The well will now be plugged and abandoned without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4.
Petroceltic has no financial exposure in the 2010 Ksar Hadada program. Both Oryx-1 and Sidi Toui-4 wells form part of the work program in the PetroAsian Energy farm-in agreement. The agreement commits PetroAsian to financing all of the joint venture’s work commitments in the current program, including the drilling of these two wells, up to $14.5m.
