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.

The application for full examinership status for Petroceltic will be heard by the High Court on Friday.

Meanwhile, it has emerged that Sunny Hill, the investment vehicle of long-time activist investor Worldview Capital Management has sold nearly half of its 69% of Petroceltic’s debt to an independent third party.

Elsewhere, leading proxy shareholder advisory firm Institutional Shareholder Services has recommended that shareholders in Irish exploration firm PetroNeft Resources vote against all resolutions tabled at an upcoming EGM by activist shareholder Natlata Partners.

Resolutions include the removal of four current directors from the PetroNeft board. Another proxy group, Glass Lewis, has recommended against the removal of any directors.

A recent funding provision by Oil India was conditional on PetroNeft’s current management team remaining in place.


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