Petroceltic targets 20m barrels of oil

Dublin-based exploration company Petroceltic International has forecast total production levels of 20 to 22 million barrels of oil equivalent per day for this year.

The company — whose assets are spread across northern Africa, southern Europe and Asia — said, yesterday that it has set aside $130m (€95m) for capital expenditure purposes for 2014, with activity likely at its operations in Kurdistan, Egypt, Algeria and Romania.

More than half of that outlay will go towards development with the remainder earmarked for exploration work.

The company plans to drill three wells off the coast of Romania; a second exploration well in Kurdistan and has applied for a drilling permit for the South Dikirnis exploration well in Egypt. Petroceltic gained approval for three licences in Egypt towards the end of 2013.

Regarding its Kurdistan assets, Petroceltic said that it will commence a well-testing programme at its Shakrok well in the next month or so, with “interesting results” anticipated.

It anticipates completion of its second farm-out at its Ain Tsila gas field in Algeria to Algerian state oil company, Sonatrach to take place later this year.

Petroceltic’s chief executive, Brian Cathain yesterday described 2013 as being “a year of solid progress” for the company; pointing to the aforementioned Algerian farm-out agreement and the completion of a $500m debt facility (which will help fund work in Algeria, Bulgaria and Egypt) as highlights.

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