Petroceltic International PLC Algeria Operational Update (6699P)
February 22 2016 - 2:01AM
UK Regulatory
TIDMPCI
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
END
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