Petroceltic International plc provides Algerian operational update
Thursday, Dec 15, 2011
Petroceltic International plc ("Petroceltic"), the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, is pleased to issue a further update on well test results from well AT-9 at the Ain Tsila field in Algeria. Petroceltic operates the permit with a 56.625% interest, Sonatrach holds a 25% interest, and Enel holds an 18.375% interest, pending final ratification by the Algerian authorities.
AT-9 test results update
Following debottlenecking of the surface flow lines at well AT-9, the well has now tested at a maximum flow rate of 67.6 mmscf/d. This test was without fracture stimulation and is still constrained by surface facilities. The updated complete well test results are as follows.
"It is particularly pleasing to close this final well test from the Ain Tsila field appraisal programme with this excellent result, which we understand to be the among the highest gas flow rates ever achieved from an "unfracced" Ordovician well in Algeria. The relatively high flowing well head pressure indicates that the well could potentially deliver at higher rates in a production setting and underlines our confidence in achieving our planned development plateau rates of 400 mmscf/d."
Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in Geophysics, and a Masters degree in Business Administration, all from the National University of Ireland, Galway. He also holds a Ph.D in Geology from Trinity College, Dublin. Dr. Corcoran has over 20 years experience in oil & gas exploration and production, and has previously worked at ExxonMobil, the Petrofina Group, and Statoil.
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