Petroceltic shares jump on successful well test
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".
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best lakeside properties for sale
The best lakeside properties – from a house on the southeastern shore of Loch Lomond, to a 15th-century hall overlooking a lake in King’s Lynn, Norfolk
-
Gold’s allure and why you should never 'pay a premium for graded coins'
It is easy to become distracted by the beauty of gold, but remember why you buy it, says Dominic Frisby