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  • Petroceltic: Successful first Ain Tsila Development Well in Algeria
    édité le 05/04/2016 - Plus de news de "PETROCELTIC" - Voir la fiche entreprise de "PETROCELTIC"


Petroceltic: Successful first Ain Tsila Development Well in Algeria
Petroceltic International plc (AIM: PCI) (“Petroceltic” or the “Company”), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions, issues an operational update on development drilling on the Ain Tsila gas and condensate field in Algeria.

Development well AT-10, the first well of the Ain Tsila development drilling campaign, is located in the north of the field approximately 3.4 km from the field discovery well AT-1, and 2.0 km from the appraisal well AT-8. AT-10 is the first of up to 24 new development wells on Ain Tsila expected to be required to establish and maintain the currently approved annual average wet gas plateau rate of 355 MMscfpd.
The well began drilling on 21 February 2016 and on 31 March 2016 it reached a total depth of 2005m MD, with a planned 61m penetration of a fully gas and condensate bearing Ordovician formation. Wireline logging results from the well indicate that reservoir quality is in line with the pre-drill prognosis, with an expected initial off-take rate comparable to AT-1 and AT-8 wells, each of which delivered flow rates in excess of 30 MMscfpd on test. Well test results will be confirmed later in 2016 when planned batch completion, stimulation and testing activities are undertaken.

The Sinopec Rig is now moving to the AT-13 development well, located in the north of the field approximately 1.8 km from the appraisal well AT-8, and 6.1 km from the appraisal well AT-1. AT-13 is targeting the Ordovician reservoir and will be drilled as a vertical well to a planned total depth of 2004m MD.

Petroceltic holds a 38.25% interest, Sonatrach a 43.375% interest, and Enel an 18.375% interest in the Isarene PSC. Petroceltic continues to benefit from a carry of its development costs in respect of Ain Tsila following the completion of the sale of an 18.375% interest to Sonatrach in July 2014.

Commenting on the update, Brian O’Cathain, CEO of Petroceltic said:

“We are delighted that AT-10 result confirms the success of earlier wells in the highly productive northern part of the field. 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. We anticipate further operational updates and enhancements to the development plan in the near future.”

About Petroceltic

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on North Africa, the Mediterranean and Black Sea regions, and listed on the London Stock Exchange’s AIM Market and the Irish Stock Exchange’s ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.

About Sonatrach

Sonatrach is the largest oil and gas company in Algeria and Africa. The company operates in exploration, production, pipeline transportation and marketing of hydrocarbons and by products.
As part of a diversification strategy, Sonatrach stepped up investments in power generation, new and renewable energies, water desalination, and mining exploration and exploitation. The international strategy of the company includes operations in several parts of the world namely: in Africa (Mali, Niger, Libya, Egypt), in Europe (Spain, Italy, Portugal, Great Britain), in Latin America (Peru) and in the USA.

About ENEL

Enel is a multi-national power company and a leading integrated player in the world’s power and gas markets, with a particular focus on Europe and Latin America. The Group operates in more than 30 countries across 4 continents, generating power from over 96 GW of net installed capacity and distributing electricity and gas through a network spanning around 1.9 million km. Enel, with its 61 million end users worldwide, has the largest customer base among its European peers and is among the leading power companies in Europe in terms of installed capacity and reported EBITDA.


Origine : Communiqué PETROCELTIC

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