Petroceltic unveils good progress at Ain Tsila
Upstream oil and gas explorer Petroceltic International, has successfully encountered improved reservoir quality at its AT-9 well at the Ain Tsila field on its Isarene permit in south eastern Algeria.
Upstream oil and gas explorer Petroceltic International, has successfully encountered improved reservoir quality at its AT-9 well at the Ain Tsila field on its Isarene permit in south eastern Algeria.
The firm also reported that its AT-7 well is flowing at 4.9m standard cubic feet per day, following fracture stimulation.
Chief executive Brian O'Cathain said: "This confirms that commercial gas rates can be achieved in the south of the field after the mixed results of AT-6.
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
"We are very encouraged by the logging results from AT-9, which was drilled on time and within budget.
"These results improve our understanding of this field and support the current conceptual Field Development Plan in the Final Discovery Report which we plan to submit to the Algerian competent authorities by the end of January 2012."
Petroceltic operates the permit with a 56.6% interest, Sonatrach holds a 5% interest, and Enel holds an 18.4% interest, pending Algerian authorities approval.
The share price rose 7.2% to 6.85p by 15:45.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Ocado shares jump 14% after sales surge
The rise in sales comes after Ocado was dumped out of the FTSE 100 in June
By Chris Newlands Published
-
Cash ISA subscriptions surge - but will the chancellor cap ISA benefits in the Budget?
The number of savers using cash ISAs has jumped by 11%, while the popularity of stocks and shares ISAs has declined. Could ISAs be a target in the Autumn Budget?
By Ruth Emery Published