CALLAN UNIT TO STUDY BULGARIAN E&P AREAS

Gandalf Explorers Bulgaria Ltd., a company operated by Edward Callan Interests, Houston, has signed an agreement covering five oil and gas exploration and production study areas in Bulgaria. Under the agreement, Gandalf has an option to identify and obtain five more study areas. The areas lie onshore and offshore. The first areas chosen by Gandalf jointly with the state Committee of Geology and Mineral Resources are Chiren-Devene, Lik, Dolni Dabnik, Dolni Lukovit, and Tulenova.

July 1, 1991

2 min read

Gandalf Explorers Bulgaria Ltd., a company operated by Edward Callan Interests, Houston, has signed an agreement covering five oil and gas exploration and production study areas in Bulgaria.

Under the agreement, Gandalf has an option to identify and obtain five more study areas. The areas lie onshore and offshore.

The first areas chosen by Gandalf jointly with the state Committee of Geology and Mineral Resources are Chiren-Devene, Lik, Dolni Dabnik, Dolni Lukovit, and Tulenova.

MOST PROSPECTIVE AREAS

Gandalf cited the onshore/offshore Tulenova area as particularly attractive because it includes a large, untested structure on trend with nearshore production.

The Chiren-Devene area also appears attractive, offering a deep structure underlying Chiren gas field. Chiren, a depleted 150 bcf gas field, currently is used for storage of gas taken from the big Soviet gas export pipeline that is to be extended to Greece (OGJ, May 20, p. 31).

Acreage included in study areas was withheld from bidding under a recent government tender.

Under the deal, Gandalf will assess the study areas with an eye to applying modern seismic, exploration, and drilling technology. When the studies are complete, Gandalf will have the option to enter exploration/production joint ventures in partnership with the committee.

There are no well commitments yet.