Petroceltic signs drilling contract for Tunisian well

Petroceltic has signed a contract with Great Wall Drilling Company (Tunisia) to provide the GW 92 land drilling rig for Petroceltic's forthcoming Sidi Toui 3 Well in the Ksar Hadada Permit Area in southern Tunisia.

The contract is for one well with a second well option which can be exercised during the drilling of the first well.

The Great Wall rig G W 92 is working in Tunisia for the Austrian oil and gas company OMV. This work is expected to finish over the next few weeks after which the rig will mobilise to the Sidi Toui 3 location to commence drilling for Petroceltic.

Brian Cusack. Chairman of Petroceltic commented: "I am delighted that Petroceltic has secured the services of Great Wall and Norwell for our Sidi Toui 3 well. They have both earned an excellent reputation internationally for the provision of drilling services and we are all eagerly looking forward to this next phase of the company's development."

Petroceltic has a 100% working (95% net) interest in the 7,500 square kilometres Ksar Hadada Contract Area in Southern Tunisia through a Production Sharing Agreement with ETAP the Tunisian state oil company.