Wednesday 22 February 2017

Petroceltic up 8pc on gas find

Published 22/03/2011 | 09:52

PETROCELTIC, the Irish-based oil and gas explorer with interests in north Africa and Italy, reported good news after drilling for gas in Algeria.

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Shares in Petroceltic closed up 8pc at 13.5 cents in Dublin yesterday after the company said a gas reservoir in the Isarene permit had "larger-than-expected" quantities. Drilling, which began on January 9, reached a total depth of 2km on March 2 and aims to test the productivity of part of the gas field.

"Drilling and logs indicate the presence of many natural fractures at the well location," the company said in a statement.

The results "support the view that some parts of the Ain Tsila field have the right characteristics for high levels of production", Davy stockbrokers' Caren Crowley said in a note yesterday.

Irish Independent

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