Petroceltic has further gas finds in Algeria, expanding size of chief asset

PETROCELTIC, the Irish oil and gas exploration company with assets in southern Europe and northern Africa, has reported a further gas find in Algeria, which technically expands the size of its chief asset, the Isarene field.

Isarene is the Dublin-headquartered firm’s headline asset and is set to become commercial within the next five years.

Petroceltic recently agreed to sell an 18.4% stake in the licence to Italian utility giant, Enel for €123 million. It is scheduled for completion next month.

Yesterday’s operational update detailed how Petroceltic’s latest drill found gas at its AT-6 appraisal well, drilling to a total depth of 2,085 metres, indicating a gross reservoir interval of 168 metres and a net pay interval of 45 metres, confirming the extension of the overall field.

A further drilling round is currently underway at Isarene, with results due before the end of the month and two more drills set to commence before August.

Petroceltic chief executive Brian O’Cathain said the initial results from the AT-6 drill “are very encouraging” and increase the proven area of the Ain Tsila field — where Isarene is located — considerably to the south-east.

“We’re also extremely pleased that testing operations on AT-5 are underway,” Mr O’Cathain said.

“We’re now entering a most exciting and busy period on our Isarene permit in Algeria, with two rigs and a rigless testing unit in operation.

“We look forward to announcing further well results by the end of July.”