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Petroceltic Drills Successful First Ain Tsila Development Well

Source: www.gulfoilandgas.com 4/5/2016, Location: Africa

Petroceltic International plc, 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."

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