16th Jun 2009 07:00
Dublin 16th June 2009
Petroceltic International plc
Algeria Drilling Update
Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, is pleased to announce that well INE-2, the first operated well in the current drilling campaign on the Isarene Block in the Illizi basin of Algeria, has been successfully drilled to its target depth of 1,020 meters. The well was targeting the Devonian F2 sands in the ISAS structure and was completed on prognosis and on budget. Wireline log information and drilling data have confirmed gas bearing intervals in the objective Devonian F2 sands which are in line with expectations. The well was drilled by Petroceltic (75% interest, Operator) in association with the Algerian Oil & Gas Company Sonatrach (25% Interest).
The well has been suspended for testing, and the rig has left the location and is mobilizing to the AT-1 location on the Ain Tsila Ridge. AT-1 is expected to commence drilling on location around 20th June 2009. The INE-2 well is planned to be tested after testing of the AT-1 well.
Brian O'Cathain, Chief Executive of Petroceltic, commented: "It is very encouraging being the first well in the program with a new, recently imported rig that the well was drilled on budget and close to the planned time of 17 days and that preliminary results show it to be in line with expectations. We look forward to continued good progress with the second well and the testing programme."
Ends
For further information, please contact:
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Petroceltic |
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Brian O'Cathain |
Chief Executive |
Tel: +353 (1) 421 8300 |
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Alan McGettigan |
Finance Director |
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Pelham PR |
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James Henderson |
Tel: +44 20 7743 6363 |
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Philip Dennis |
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Murray Consultants |
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Joe Murray |
Tel: +353 (1) 4980300 |
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Davy |
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Hugh McCutcheon |
Tel: +353 1 6796363 |
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John Frain |
Brian O'Cathain, Chief Executive, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Brian holds a B.Sc. in Geology from The University of Bristol, and has over 25 years experience in oil & gas exploration and production.
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Sock Exchange's IEX Market. The Company has exploration and appraisal assets in Algeria, Tunisia and Italy.
Related Shares:
PCI.L