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.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published