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 provide the following update on the Declaration of Commerciality process in relation to the Ain Tsila gas field situated in the Illizi basin of Algeria.
In January 2012 Petroceltic and Enel submitted a draft plan of development for the Ain Tsila field to Sonatrach for its consideration. On 25th April the partners agreed to a 3 month extension until 24 July to enable completion of these discussions and over the last number of months this draft plan has been substantially agreed. In addition, very significant progress has also been made towards the finalisation of the principal terms of the associated Gas Sales arrangements.
To facilitate completion of these negotiations, which are at a very advanced stage, Sonatrach, Petroceltic and Enel have agreed to a further 15 day period extending until 10th August 2012, by which time the Declaration of Commerciality is expected to be in final form for submission to the Competent Authorities for approval.