Monday 6 August 2018

Black Sea Oil & Gas SRL (“BSOG”) together with its co-venture partners announce the completion of a two well exploration drilling program in the XV Midia block, offshore Black Sea.

The drilling campaign was initially scheduled to start in Q4 2017, subject to rig availability. BSOG used the drilling unit “GSP Saturn” for this campaign. GSP Saturn is a four-legged, self-elevating jack-up, with a track record in world-wide operations. It was previously located in Rotterdam, the Netherlands.

The first well on the drilling program, Iulia-1, located in 73m water depth and 115km offshore, was spudded on 8 May 2018 and was drilled up to 2110m (Pontian formation). The second well, Paula-1, located in 88m water depth and 147km offshore, was spudded on 17 June 2018 and was drilled up to 1036m (Dacian formation). The Iulia-1 well did not encounter any (gas bearing) reservoir in the Upper Pontian, and the net pay and volume of dry gas discovered at Paula-1 did not prove commercially viable for testing. Paula-1’s results confirm the potential of the Dacian play which is already associated with Ana and Doina discoveries.