Tuesday, 22 March 2011

Petroceltic announces encouraging early results from Isarene well

Petroceltic has discovered "larger-than-expected" quantities of gas in AT-5 well on the Isarene permit in Algeria. The drilling, which began on 9th January, reached a total depth of 2,049 metres on 2nd March after drilling delays caused by equipment failures on the contracted drilling rig.

Logs at AT-5 showed the objective Ordovician reservoir to be fully gas bearing, and a gross gas column of 75.5 metres was logged, with no gas water contact seen in the well. The company is testing what it calls a “major pop-up” feature in the north of the field associated with enhanced un-stimulated gas productivity.

Petroceltic's Chief executive Brian O'Cathain said: "The results of well AT-5 are encouraging to date, the presence of natural fractures at this location augurs well for the test results, and the overall gas column logged was greater than expected at this location.”

Sources: Irish Independent, Oil Voice, Petroceltic Investors

For more news and expert analysis about Algeria, please see Algeria Focus and Algeria Politics & Security.

No comments:

Post a Comment