Tuesday, 17 May 2011
Petroceltic wins another Algeria job
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
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