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
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
