Petroceltic Provides Operational Update in Algeria

Source: www.gulfoilandgas.com 5/14/2008, Location: Africa

Petroceltic International announced that approval has been granted for the Isarene permit in Algeria to enter the second exploration period. The second period officially commenced on April 26th 2008 and is in force for two years until April 25th 2010.

Petroceltic has retained 70 percent of the original Isarene Permit area (7,520 sq. km) into the second exploration period, in line with the provisions of the Production Sharing Contract. The retained area contains all of the prospects previously identified by Petroceltic on the licence.

Currently Petroceltic is acquiring a state of the art 3D seismic programme over a large gas/condensate prospect "the Ain Tsilla Ridge" in the north eastern part of the permit, which according to Petroceltic's estimates could contain gas resources of greater than two trillion cubic feet. Two wells have already been drilled on this prospect by previous operators, both of which tested gas and some condensate. Petroceltic's new seismic is a "Wide Azimuth 3D" and has been designed to locate areas of optimum reservoir quality in the target Ordovician sandstones. To date approximately 510 of a planned 890 square kilometre programme have been acquired. Initial results from the new seismic are encouraging.

Petroceltic is also reprocessing existing data throughout the block and this together with the new 3D seismic will provide the platform for a planned extensive drilling campaign during the second exploration period. Tender documents have now been issued to drilling contractors. Petroceltic intends to commence drilling on this licence in Q1 2009, subject to rig availability.

Petroceltic has a 75 percent interest in the Isarene permit in association with Sonatrach, the Algerian state Oil and Gas Company, which holds the remaining 25 percent.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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