Petroceltic hopeful of securing Algeria farm-out partner

IRISH oil and gas exploration company Petroceltic is hopeful of finalising a farm-out partner for its chief asset in Algeria later this year, following a successful start to its evaluation programme on four wells in the country.

The Dublin-headquartered company, which has assets in southern Europe and northern Africa, yesterday announced first results from its f appraisal campaign in eastern Algeria which started in early December and is due to continue into the second quarter of the year.

Drilling results at the AT-4 well in Illizi Basin encountered a “better-than-expected” gross gas column of 155 metres.