Petroceltic Signed Rig Contract for Algerian Drilling Programme

Source: www.gulfoilandgas.com 1/29/2009, Location: Africa

Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, is pleased to announce it has now signed a fully termed contract with KCA Deutag for their Nomad class drilling rig T-212. This contract is subsequent to the Letter of Intent announced in November 2008.

The T-212 rig is a new drilling unit which will be utilised for the Company's seven well drilling and testing programme on the Isarene permit in Algeria to which it is currently en route having been mobilised from Germany.

This seven well programme, currently expected to commence in April, will focus on appraising gas and oil discoveries already made on the Isarene permit by Petroceltic and previous operators. In total, the programme is expected to take approximately 9-10 months to complete and will be funded from the proceeds of the US$55 million investment in Petroceltic by Spanish energy company Iberdrola in June 2008.

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

Brian O'Cathain, Executive Chairman of Petroceltic commented:
"With this rig contract in place and the forthcoming drilling programme scheduled to start in April, we now hope to take significant steps towards the commercialization of the gas already proven on the Isarene permit over the next twelve months. Recent supply chain events in the European Gas Market have highlighted the importance of Algerian gas to Europe and we look forwards to collaborating with Sonatrach to deliver the gas potential of the Isarene Permit".


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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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