Petroceltic soars on drill hopes
SHARES in Petroceltic International surged after the Irish explorer forecast "another exciting year of drilling activity", saying it plans to drill a "significant" number of wells in Algeria, Tunisia, and Italy this year.
The shares closed up more than 5pc after rising as much as 10pc in Dublin after the company revealed the presence of a liquid condensate fraction which could boost the value of operations in Algeria and prompted Davy Stockbrokers analyst Joe Langbroek to suggest he may raise his price target for the shares to 34p from 27p.
"Significant wells are planned in each of the three countries where we operate," chief executive Brian O'Cathain said.
"We expect this year's drilling programme to move our large hydrocarbon contingent resources towards bookable recoverable reserve status."
Last month, Petroceltic completed drilling five wells for the Isarene project in Algeria after a "major" new gas condensate finding at the Ain Tsila field.
Drilling in Italy at a well 7km off the Adriatic coast is scheduled to start in September, while drilling at a rig in Tunisia will probably start in June and last 12 weeks, Petroceltic said.