Drilling reports hit Irish explorer

Shares in Irish exploration firm Petroceltic fell by over 7% yesterday on the back of further negative drilling news from its operations in Kurdistan.

The company said that testing of the remaining two Jurassic zones at its Shakrok-1 well failed to flow hydrocarbons to the surface, just as the initial two zones had.

Yesterday’s operations’ update also said that while drilling is set to commence on the Dinarta licence in Kurdistan (in which Petroceltic holds a 16% stake) this month, two other prospects — one offshore Romania and the other onshore Egypt — failed to deliver commercially.