22nd Feb 2016 09:53
LONDON (Alliance News) - Petroceltic International PLC on Monday said it has received a further waiver of repayments under its senior bank facility to March 4.
The oil and gas company said its lenders have indicated their willingness to consider further waivers as may be required in order for it to continue with its strategic review of the business.
In a separate statement, Petroceltic said it has begun development drilling on the Ain Tsila gas and condensate field in Algeria, after the AT-10 well was spudded.
The vertical well is targeting the Ordovician reservoir formation to a planned total depth of 1,989 metres, and 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 million standard cubic feet per day, the company said.
Petroceltic added that the tender of the major field Engineering Procurement & Construction contract is progressing.
"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," Chief Executive Brian O'Cathain said.
Shares in Petroceltic were trading up 1.6% at 17.40 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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