Exploration firm to lodge headline asset
The Dublin-headquartered company had expected to submit the declaration to the Algerian government earlier this week, but has agreed an extension until Aug 10 with its development partners, Italian utility company Enel and Algerian explorer Sonatrach.
Once the declaration has been lodged, it is up to the Algerian regulators toapprove the project. Isarene/Ain Tsila is comfortably Petroceltic’s lead asset, ranking as the world’s ninth largest gas find upon its discovery two years ago.
Since then, the company has whittled its ownership down to just over 56.6% and is actively looking to farm down another high double-digit percentage tranche to save on future development costs.
It has previously been speculated that Ain Tsila holds around 10.3 trillion cubic feet of gas, with 2017 being the likely date for first commercial gas flow from the asset. Such numbers are likely to be clarified with next month’s declaration.
In a brief stock exchange statement, Petroceltic yesterday said “very significant progress” has been made towards the finalisation of the terms of the declaration of commerciality. Enel holds just shy of 18.4% of the field, with Sonatrach controlling 25%.
Outside of yesterday’s headline announcements from Providence Resources and Tullow Oil, other Irish-related exploration news came in the form of Petrel Resources reporting that the completion of analysis of its licences in the Porcupine Basin off the south-west of Ireland has identified “prospects for further evaluation”.
The John Teeling-chaired explorer is now embarking on a second phase survey to appraise the potential prospects.
Petrel — which was awarded licensing options over two sets of blocks in the basin last October — is expected to update on its findings in September.
Managing director David Horgan said technological progress has reduced costs and risks for such work.
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