Petroceltic upbeat on drilling despite examinership

Latest drilling at the flagship Algerian asset of troubled Irish exploration firm Petroceltic has indicated further potentially significant gas reserves.

In a brief operational update, the company yesterday said drilling at development well AT-10 — the first of up to 24 tests planned in a new campaign at the Ain Tsila field — indicated an expected initial “off-take” rate comparable to two previous test wells which delivered flow rates of more than 30m standard cu ft of gas per day.

Petroceltic — to which an interim examiner was appointed last month — controls 38.25% of Ain Tsila.