Gas firm expects Algeria approval

Dublin-based oil and gas exploration company Petroceltic is expected to achieve formal government approval for the future development of its headline Isarene/Ain Tsila gas field asset in Algeria by the end of July.

The company has in the past year increased its resource estimates for the asset by about 70% to 10.3tn cubic feet and has forecast 2017 as the date for first commercial gas flow from the site.

While the Algerian update dominated Petroceltic’s end-of-year assessment yesterday, the company also noted its intention to being drilling at its onshore Rovasenda prospect in Italy before the end of this year.