|
| |
Petroceltic International: North Africa Operation Update
05-15-2008
Petroceltic International plc
announces that approval has been granted for the Isarene permit in Algeria to
enter the second exploration period. The second period officially commenced on
April 26th 2008 and is in force for two years until April 25th 2010.
Petroceltic has retained 70 per cent of the original Isarene Permit area (7,520
sq. km) into the second exploration period, in line with the provisions of the
Production Sharing Contract. The retained area contains all of the prospects
previously identified by Petroceltic on the licence.
Currently Petroceltic is acquiring a state of the art 3D seismic programme over
a large gas/condensate prospect "the Ain Tsilla Ridge" in the north eastern part
of the permit, which according to Petroceltic’s estimates could contain gas
resources of greater than two trillion cubic feet. Two wells have already been
drilled on this prospect by previous operators, both of which tested gas and
some condensate. Petroceltic’s new seismic is a “Wide Azimuth 3D” and has been
designed to locate areas of optimum reservoir quality in the target Ordovician
sandstones. To date approximately 510 of a planned 890 square kilometre
programme have been acquired. Initial results from the new seismic are
encouraging.
Petroceltic is also reprocessing existing data throughout the block and this
together with the new 3D seismic will provide the platform for a planned
extensive drilling campaign during the second exploration period. Tender
documents have now been issued to drilling contractors. Petroceltic intends to
commence drilling on this licence in Q1 2009, subject to rig availability.
Petroceltic has a 75 per cent interest in the Isarene permit in association with
Sonatrach, the Algerian state Oil and Gas Company, which holds the remaining 25
per cent.
• Isarene Permit
successfully enters the second exploration phase for a two year period
• State of the art 3D seismic survey designed to locate areas of optimum
reservoir quality
• To date 510 sq km of 3D acquired over large gas/condensate prospect
• Initial results encouraging
• Drilling tenders issued with drilling due to commence Q1 2009
In Tunisia,
Petroceltic as operator of the Ksar Hadada permit has been informed by the
Tunisian government that the application to enter the first renewal period has
been approved. The first renewal period of the permit begins on 20th April 2008
and lasts for three years. In line with the Production Sharing Contract,
Petroceltic and its’ co-venturer Independent Resources have retained 80% of the
original Ksar Hadada permit (5,600 sq. km) into the first renewal period.
New interpretation of seismic and well data on the permit has yielded positive
results with the validation of a number of Ordovician and Silurian prospects in
the southern part of the block. Drilling on this licence has been deferred until
first half 2009, due to rig availability issues, and to incorporate exploration
drilling results on adjacent permits.
Petroceltic has a 57 per cent interest in and is operator of the Ksar Hadada
permit. Other partners are Independent Resources (Ksar Hadada) Ltd, (40 per
cent) GA.I.A. srl 1.5 per cent, Derwent Resources (Ksar Hadada) Ltd 1.5 per
cent.
• Ksar Hadada
permit renewed for 3 year period
• New seismic evaluation indicates a number of exploration prospects on the
licence.
Commenting on the above John Craven CEO of
Petroceltic said:
"These agreements secure these permits for Petroceltic and its partners in both
Algeria and Tunisia for the coming years. We are now moving to deliver the
underlying value from the high potential prospects on the permits during this
period. The new 3D in Algeria looks very promising, and we are focusing on
locating areas of optimum reservoir quality for drilling. Based on this, we look
forward to an exciting programme of drilling over the next twelve months."
|
