Petroceltic drilling in Tunisia and Algeria in second half of 2010
26 July 2010
Petroceltic International said today that it had signed up a land rig to undertake a seven month, four well appraisal drilling programme on the Isarene Permit in Algeria.
The appraisal programme, which will start in October, follows on from Petroceltic's successful five well drilling programme, undertaken in 2009/2010, which demonstrated the presence of an extensive and probably continuous gas accumulation, the Ain Tsila gas condensate field. In addition to Ain Tsila, two more modest discoveries Isarene North East and Isarene North West were made.
The appraisal programme is fully funded following a placing in March of new shares to raise $120 million for activities in Algeria, Tunisia and Italy.
Brian O'Cathain, Chief Executive of Petroceltic commented:
"We expect to drill a minimum of four appraisal wells including at least one horizontal well. Our interpretation and analysis of the results from the five well programme in 2009/10 is progressing, supporting our belief that the Ain Tsila gas condensate discovery, on the Isarene permit, may turn out to be a world class hydrocarbon resource. We intend to announce results following completion of the individual fracture stimulation and well testing programmes for each well."
Elsewhere, in Tunisia, Petroceltic is drilling the Oryx-1 exploration well on the Ksar Hadada Permit. Petroceltic holds a 27.03% interest and is the operator of the permit which covers an area of 5,608 square kilometres. On completion of the Oryx-1 well, the rig will be moved to drill the Sidi Toui-4, the second well in the current programme.
An appraisal well on the 1992 Elsa discovery, offshore Italy, planned for Q4 this year, has been scuppered somewhat by a proposed decree to amend the Italian Environmental Code that will prohibit drilling in the Italian seas within 5 miles of the coastline and within 12 miles around the perimeter of protected Marine Parks.
The new restriction, should it be passed into law, will apply to permit applications currently pending and is likely to include Petroceltic's current location for Elsa 2 which was expected to spud in Q4 2010.
Petroceltic has wisely decided to pause its plans to drill the well and applied to the Ministry to suspend the current timing of the delivery of its commitments on the permit until there is more clarity on the yet to be published legislative changes.
Despite the Italy delay, Petroceltic watchers will still be able to follow the results of six wells over the next 9 months.
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