The London-listed company said on Friday its Kamchia-1 well, located in the central area of the Galata exploration block, hit 17 metres of carbonate sands with sub-commercial gas saturations.
Well data will now be analysed to help determine whether the company should enter into the final two-year extension of the exploration licence later this year.
“We are disappointed with the outcome of the Kamchia-1 well and plan to complete the post-drill analysis prior to formulating forward plans for the Galata exploration concession,” Petroceltic chief executive Brian O’Cathain said in a statement.
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