Petroceltic shares jump on successful well test

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Petroceltic International, the North Africa-focused oil and gas company, says a well test at its Ain Tsila field in Algeria has produced "excellent flow results".

The AT-9 well produced gas at the rate of 43.9 million standard cubic feet per day without Petroceltic having to resort to fracture stimulation or "fracking".

The well has now been suspended for future production use. AT-9 was the last of a six well appraisal programme which have all proven gas in the field. Three of the tested wells have produced rates in excess of 33 million standard cubic feet per day.

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Commenting on the results Brian O'Cathain, chief executive of Petroceltic, said "this result strongly supports commercialisation of the field and the current Field Development Plan which will be submitted to the Algerian competent authorities in January 2012".

Shares in Petroceltic have risen 7% in morning trading to 7.17p.

BS