Petroceltic’s Algerian Drilling Set to Commence

Source: www.gulfoilandgas.com 7/28/2006, Location: Africa

Petroceltic announced that drilling in its Algerian Isarene Permit is scheduled to begin on 30th July 2006. The first well will evaluate the “ISAS” prospect where there are three reservoir objectives in Devonian and Ordovician sandstones. The nearest existing well to ISAS, “INE 1”, located 4 kms North East, tested gas at rates of up to 4 million cubic feet per day. Other nearby wells “TMZ 1” and “INW 1” have tested gas at similar rates.

After drilling the first well, the rig will move to the second location at Hassi Tab Tab West (HTTW). The HTTW well will target potential hydrocarbon reservoirs of Carboniferous, Devonian and Ordovician age.

Petroceltic as operator has contracted Schlumberger “IPM” to project manage the drilling operations for the two wells which are expected to last for the three months of August, September and October this year.

The drilling of the ISAS and HTTW wells marks the beginning of a sustained period of petroleum operations by Petroceltic over the large Isarene permit area in the coming three to four years involving new seismic acquisition and further drilling.

In addition to the wells in Algeria, Petroceltic expects that drilling will commence on the “Inishbeg” prospect offshore Donegal in mid August. Petroceltic has a 16.25% interest in Irish frontier licence 1–05 which contains the Inishbeg prospect.


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