Oil & gas explorer Petroceltic International has failed to find oil at a well in Kurdistan, hitting its shares.

Petroceltic said the first two of four tests on potential oil zones targeted by its Shakrok-1 well had produced water but no hydrocarbons.

The group, which is also drilling in Egypt and Romania, said it would press ahead with the other two tests, which are likely to continue until late this month.

It said preparations for drilling its Shireen-1 well on the Dinarta licence in Kurdistan were advanced, with drilling expected to take about 150 days.

Chief Executive Brian O'Cathain said: "We await with interest the outcome of these next two tests. We will continue to update shareholders on Shakrok well testing, Dinarta operations, and on our ongoing exploration wells in Egypt and Romania, as further material results become available."

By 12:47 in London, Petroceltic shares had fallen 8.5p or 5% to 160p.

PW

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