Petroceltic planning more wells
Published 17/02/2010 | 10:25
PETROCELTIC International, buoyed by drilling success at its Algerian Isarene permit, plans further wells in the area and may team up with a partner after the withdrawal of shareholder Iberdrola.
Petroceltic intended to begin appraisal wells on the Ain Tsila field in south-eastern Algeria’s Isarene licence in September, chief executive Brian O’Cathain said in an interview.
“We would be appraising with a view to submitting a plan of development to the government of Algeria in 2011,” he said.
The Dublin-based explorer was seeking to capitalise on its success at Isarene, where the final test well of a five-well programme beat expectations earlier this year, Petroceltic said.
The well flowed at 16.7 million standard cubic feet of gas a day. The explorer is in talks with Algeria’s state-owned Sonatrach, with whom it is drilling at Isarene, on potential partners, according to Mr O’Cathain.
The Ain Tsila reservoir may hold five trillion cubic feet of gas and the company “hopes” for recoverable reserves of 2 trillion cubic feet, he said.