Bulgaria: New Offshore Well Comes on Stream

Petroceltic International plc, the upstream oil and gas exploration and production company focused on the Middle East, North Africa (“MENA”), the Mediterranean and Black Sea regions, today announces the successful tie-back of a new production well on the Kaliakra gas field, offshore Bulgaria.

The well was completed with a subsea wellhead and connected to the existing Kaliakra pipeline for export via the Galata platform. The well and flow line works were performed by the GSP Prometeu jack-up drilling rig and Big Foot 1 lay barge and concluded on 10 September.

The new well has been flow tested at rates in excess of 12 MMcfpd and is currently being produced through the Galata facilities, which are shared with the Galata and Kavarna fields. Once the production from the three fields has been rebalanced, the combined rate is expected to stabilise at around 30 MMcfpd. Petroceltic holds a 100 percent working interest in the fields and associated infrastructure.

Brian O’Cathain, Petroceltic’s Chief Executive, commented:

“We are very pleased with the performance of the new Kaliakra development well, which will supplement the production from our two other offshore gas fields. Bulgaria generates a significant proportion of the Company’s revenues and we remain committed to investment in the country. Elsewhere in the region we look forward to results from the multi-well exploration drilling campaign which has recently commenced in Romania”.

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Press Release, September 16, 2013