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Petroceltic Intnl (PCI)

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Monday 22 February, 2016

Petroceltic Intnl

Algeria Operational Update

RNS Number : 6699P
Petroceltic International PLC
22 February 2016
 

 

Dublin

22 February 2016

Petroceltic International Plc

 

Algeria operational update

Petroceltic International  plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company, is pleased to announce the start of development drilling on the Ain Tsila gas and condensate field in Algeria.

The newly built SINOPEC Rig 50117 arrived on the Isarene permit during November 2015,  was assembled successfully on site, and has now passed acceptance testing. At 18:00 on 21 February 2016 development well AT-10, the first well of the Ain Tsila development drilling campaign, was spudded.                                                                                                                                                                                                                                                         

AT-10 is located in the north of the field approximately 3.4 km from the field discovery well AT-1, and 2.0 km from the appraisal well AT-8; each of these wells delivered gas flow rates in excess of 30 MMscfpd on test. This vertical well is targeting the Ordovician reservoir formation to a planned total depth of 1,989m MD. AT-10 is the first of up to 24 new development wells on Ain Tsila expected to be required to establish and maintain the currently approved annual average wet gas plateau rate of 355 MMscfpd.

In addition to the commencement of development drilling, the tender of the major field Engineering Procurement and Construction ("EPC") contract covering main field facilities and pipelines is progressing.

Petroceltic holds a 38.25% interest, Sonatrach a 43.375% interest, and Enel an 18.375% interest in the Isarene PSC. Petroceltic continues to benefit from a carry of its development costs in respect of Ain Tsila following the completion of the sale of an 18.375% interest to Sonatrach in July 2014.

 

Commenting on the update, Brian O'Cathain, CEO of Petroceltic said:

"We are delighted to start development drilling on Ain Tsila and look forward to building on the success of earlier wells in the highly productive northern part of the field. Ain Tsila is a world-class asset and the main focus of our business. We are collaborating with our partners on a number of opportunities to reduce overall development risk and enhance long term-field recovery and value, and these will be progressed in parallel with the EPC award process."

 

Ends

 

 

 

 

For further information, please contact:

 

Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300

James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500

Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300

John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363

 

 

The Directors of Petroceltic International plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

 

John Naismith, Head of Technical, Petroceltic International plc, and the qualified person, as defined in the AIM Note for Mining and Oil and Gas Companies June 2009, has reviewed and approved the technical information contained in this announcement. John holds an MSc in Petroleum Reservoir Engineering from Imperial College London. He has 27 years' experience in the oil and gas industry gained with Shell, Enterprise Oil, Canadian Natural Resources and Petroceltic. His experience includes reservoir engineering, integrated subsurface studies, asset management, commercial and operations.

 

 

Notes to Editors:

 

Petroceltic International plc is an upstream oil and gas exploration and production company, focused on North Africa, the Mediterranean and Black Sea regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.

 

GLOSSARY

 

EPC: Engineering, Procurement and Construction

 

MD: Measured depth

 

MMscfpd: Million standard cubic feet per day

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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