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.