Petroceltic issues update on Algeria development well

Exploration firm Petroceltic has issued an update on its drilling in Algeria, with a development well on the Ain Tsila gas and condensate field confirming pre-drill prognosis.

The company said the AT-10 development well indicated an expected initial off-take rate comparable to AT-1 and AT-8 wells, which delivered flow rates in excess of 30 MMscfpd on test.

“We are delighted that AT-10 result confirms the success of earlier wells in the highly productive northern part of the field,” said chief executive Brian O’Cathain. “The Sinopec Rig performed above expectations on its first well and we have a number of improvement initiatives planned to reduce future well costs, mitigate development risks on Ain Tsila and maintain momentum towards first gas.”

Petroceltic has a 38.25 per cent interest, with Sonatrach holding 43.375 per cent and Enel an 18.375 per cent.

An interim examiner was appointed to Petroceltic in March after shareholder Worldview brought a petition for court protection and examinership. The matter was before the High Court again on Monday, but was adjourned until Friday to allow the sides address matters in sworn documents.