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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Petroceltic International PLC       IE0003186172

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Petroceltic International PLC : Algerian Operational Update

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12/07/2011 | 08:42am CEST

Petroceltic International plc

Algeria Operational Update

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 an update on operations 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.

Highlights

·     AT-9 well flows at 43.9 MMscf/d from the Upper Zone and 8.9 mmscf/d from the Lower Zone without fracture stimulation

·     Substantial condensate yields from both zones - 1,005 bpd from the Upper Zone and 205 bpd from the Lower Zone

·     Highest pre-fracture stimulation flow rates achieved to date on the Ain Tsila field

·     The well will not be fracture stimulated at this time as current test rates are already limited by surface facility capacity.

·     2011 Algerian appraisal drilling and testing programme now complete - all 6 wells successfully tested gas columns

·     3 of the total of 9 wells drilled have flowed gas at rates in excess of 33 mmscf/d

AT-9 operational update

The AT-9 well is a horizontal appraisal well located towards the centre of the Ain Tsila field. Its main objective was to assess the productivity associated with a structural ("pop-up") feature of a different style to those already tested at AT-5 and AT-8, and in an area between two known productive wells (AT-1 and AT-2).  A near horizontal section of 415m was successfully drilled entirely within the upper part of the reservoir with the well reaching its total depth of 2494m on 24th October 2011.  Logging results indicated an uppermost interval of 57m along hole (7.5m vertical thickness) with an average net porosity of 10.6%, and with good indications of natural fractures in the remainder of the well.  An open-hole packer multistage completion was run isolating two individual zones.

These two zones have now been tested without fracture stimulation, and the test results are set out below:

Zone

Choke setting

64ths"

Gas rate

MMscf/d 

FWHP

PSIG

Condensate

bpd

Water

bpd

Upper

128

43.9

1266

1,005

185

Upper

88

40.7

1502

785

170

Upper

32

11.7

2342

360

0

Lower

80

8.9

331

17

2.5

Lower

32

6.8

1356

205

0

The AT-9 well is now being suspended for use as a future production well. It may be fracture stimulated when completed as a development well.

This well test is the final part of the 2011 six-well appraisal programme, which has successfully proven gas in all six wells, and has tested gas at rates above 33 mmscf/d in three of those wells.

Brian O'Cathain, Chief Executive of Petroceltic, commented:

"We are delighted to have achieved such excellent flow results from the Ordovician reservoir at AT-9 without fracture stimulation. This result confirms the improved reservoir quality indicated by well log analysis and significantly extends the area of excellent productivity within the Ain Tsila Field.  This is the 3rd of our nine appraisal wells to flow at very high rates, and supports the production profile anticipated at field start up. We believe that in full production and following fracture stimulation this well could produce at rates in excess of 60mmscf/d on a sustained basis.

The AT-9 result further refines our understanding of this field and is likely to have a positive impact on recoverable reserves. In addition, this result strongly supports commercialisation of the field and the current Field Development Plan which will be submitted to the Algerian competent authorities in January 2012".

Ends

For further information, please contact:

Brian O' Cathain/Tom Hickey, Petroceltic International          Tel: +353 (1) 421 8300

Philip Dennis/Rollo Crichton-Stuart,

Pelham Bell Pottinger                                                            Tel: +44 (20) 7861 3919

Joe Murray / Joe Heron, Murray Consultants                          Tel: +353 (1) 4980300

John Frain / Stephen Barry, Davy                                          Tel: +353 (1) 679 6363

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.

Glossary

Bpd:                             Barrels per day

MMscf/d:                     Million standard cubic feet per day

FWHP PSIG:               Flowing well head pressure in pounds per square inch (gauge)

TVDSS:                       True vertical depth sub-sea in metres

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Financials ($)
Sales 2015 88,1 M
EBIT 2015 -4,59 M
Net income 2015 -41,6 M
Debt 2015 185 M
Yield 2015 -
P/E ratio 2015 -
P/E ratio 2016
EV / Sales 2015 2,48x
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