Petroceltic drilling in Algeria to recommence

Development drilling is set to recommence at Petroceltic’s headline asset, the Ain Tsila gas field in Algeria, in the first quarter of next year, with the field expected to come on stream in 2018.

Addressing shareholders at the Irish explorer’s AGM yesterday, chief executive Brian O’Cathain said the company is well positioned for growth, with activity planned across all of its main territories over the coming year.

Petroceltic is also considering further farm-out agreements over the medium-term at assets in Italy and Egypt. It is considering lowering its stake in the onshore Carisio Permit, in Italy from 47.5% to around 20% and lowering its 75% hold of a block in Egypt to around 50%. The company will also look over new blocks up for grabs offshore Ireland, but is unlikely to apply for any licences here.