Expoloration firm Petroceltic International is to abandon a well in Tunisia, the company said today.
The Oryx-1 exploration well reached a total depth of 1140 metres, but failed to discover any significant oil saturation in the reservoirs at this location.
Petroceltic said it would be plugged and abandoned, without testing, and rig would be moved to begin drilling of Sidi Toui-4.
The company said it has no financial exposure in the 2010 Ksar Hadada programme, with both Oryx-1 and Sidi Toui-4 part of the work programme in the PetroAsian Energy Holdings farm-in agreement.
"The agreement commits PetroAsian to financing all of the joint venture's work commitments in the current programme, including the drilling of these two wells, up to US$14.5 million," the company said in a statement.
