Tuesday, 17 May 2011

Petroceltic wins another Algeria job

Petroceltic has signed KCA Deutag for a second drilling rig on the appraisal campaign on the Isarene Permit in Algeria. Last week, the company raised £37 million to subsidise the expansion. It has also hired two contractors to assist desktop-work on the Final Discovery Report for the licence.

Speaking about the developments Petroceltic's chief executive Brian O'Cathain said: "The contract for the second rig will see a significant increase in the pace of appraisal activity on the Ain Tsila discovery following the recent successful fund raising and the farm out to ENEL.

The award of contracts for the conceptual and geotechnical studies is of importance as they mark the start of the move from the exploration and appraisal phases of the production sharing contract into the pre-development phase."

The second drill rig has been contracted for three wells which means that the enlarged drill programme will stretch to at least six wells before the end of 2011. Petroceltic expects the rig to be mobilised in June with drilling expected to start in July 2011.

Sources: Upstream, Proactive Investors, Petroceltic

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

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