Petroceltic happy with Egyptian progress despite abandoned well

Irish oil and gas explorer Petroceltic has said that it has abandoned a $10 million well in Egypt because it did not encounter oil or gas.

6th February, 2013
Brian O'Cathain.

Irish oil and gas explorer Petroceltic has said that it has abandoned a $10 million well in Egypt because it did not encounter oil or gas.

Nevertheless, the company said it is very happy with its progress in Egypt and said that a separate well is expected to increase the production rate at its South Damas field to over 20 million cubic feet of gas per day. It said that this would accelerate the efficient recovery...

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