Petroceltic International PLC Award of Rig Contract (3377L)
April 27 2015 - 2:00AM
UK Regulatory
TIDMPCI
RNS Number : 3377L
Petroceltic International PLC
27 April 2015
Dublin
27 April 2015
Petroceltic International Plc
Award of Rig Contract for the Ain Tsila Project
Petroceltic International plc (AIM: PCI) ("Petroceltic" or the
"Company"), the oil and gas exploration, development and production
company focused on the Middle East, North Africa and the
Mediterranean region, is pleased to announce the award of a
contract for the provision of a drilling rig between Groupement
Isarene ("Groupement") and SINOPEC International Petroleum Service
Corporation ("SINOPEC") for the Ain Tsila gas and condensate
field.
Groupement Isarene, the joint operating organisation responsible
for executing the Ain Tsila field development plan established by
Sonatrach, Petroceltic and Enel, successfully completed the
tendering process resulting in the award and signature of the
contract to SINOPEC. The 1500 horse power rig, which is now built
and ready to ship, will drill up to 24 new development wells. The
first 12 drilling locations, all in the northern region of the
field, have already been selected and approved. The award of the
rig contract represents the achievement of a further milestone for
the Ain Tsila project and will enable drilling to commence on
schedule in 2015.
The Front End Engineering and Design of the project which was
awarded in September 2014 to Chicago Bridge and Iron is also
progressing well. The Groupement has launched the process to
identify suitable companies to perform the Engineering, Procurement
and Construction ("EPC") contract via publication of an invitation
to pre-qualify in the Algerian Bulletin of Public Tenders in the
Energy and Mine Sector. The Groupement is in receipt of a number of
submissions, and it is anticipated that a shortlist of potential
bidders who will be formally invited to tender for the EPC contract
will be established shortly.
Brian O'Cathain, Chief Executive of Petroceltic commented:
"We are pleased with the award of the rig contract to SINOPEC, a
company with extensive experience in Algeria.
This award demonstrates the significant progress that
Petroceltic and its partners are making towards the development of
the world class Ain Tsila gas condensate field. The next important
project milestone will be the launch of the invitation to tender
for the EPC contract which we expect to occur in the second quarter
of this year. The project remains on track to deliver first sales
gas in Q4 2018."
Ends
For further information, please contact:
Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300
Philip Dennis / 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
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas
Exploration and Production Company, focused on the Middle East,
North Africa and the Mediterranean Region, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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