Friday 21 July 2017

Petroceltic up 8pc on gas find

Thomas Molloy

Thomas Molloy

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

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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