PCI.L Regulatory News (PCI)

6 Sep 2005 07:00

Petroceltic International PLC06 September 2005 6th September 2005 Petroceltic International PLC ("Petroceltic" or "the Company") Algeria: Appointments and Update Petroceltic, the Irish based international oil and gas exploration andproduction company is pleased to announce a number of significant technical andoperational management appointments as a prelude to the forthcoming drillingcampaign in the Company's Isarene Contract Area in Algeria, planned for laterthis year. The appointments Philip O'Quigley joins as Chief Finance Officer. Since 2001, Philip has beenFinance Director of Energy Finance Limited, a company involved in the productionof methane gas from coalmines in Europe and North America. Prior to that Philipworked as Finance Director of Glencar Mining plc, the Irish quoted goldexploration company. Philip qualified as a Chartered Accountant in 1989 withErnst & Young, Dublin. Dr. Eloi Dolivo joins as Exploration Manager, Algeria. Eloi is a seniorgeologist with 25 years experience in petroleum geology with Shell, Petrofina,Petroconsultants, as Africa-Middle East team leader, at Nimir, Lundin and as anindependent consultant for the last three years. Eloi has over six years ofexperience in Algeria and extensive experience in Tunisia, Gabon, Sudan,Malaysia, North West and Central Europe as a geologist and exploration manager.During the last three years, Eloi has evaluated the geological and geophysicalaspects of more than a dozen projects in Africa, including three in Algeriaitself. Phil Thompson joins as Senior Geophysicist, Algeria. Phil is a Geophysicist withover 20 years experience in the oil and gas industry. Phili has managedexploration projects for ExxonMobil, Oryx Energy (now Kerr-McGee), Vanco Energy,Island Oil and Gas and Petroceltic. Phil has significant experience in OffshoreWest Africa including Gabon and Morocco, onshore Africa in Chad and Niger,Offshore Ireland and Holland, the U.S. Gulf of Mexico Basin, both onshore andoffshore, and onshore in Venezuela. Dermot Cosgrove joins as Operations Manager for Algeria. Dermot has significantexperience working in Algeria in drilling operations with the Anadarko AlgeriaCorporation as a Senior Operations, Security and Logistics consultant. He hasfurther drilling experience with the Baker Hughes Corporation and as anAssistant Base Manager with the Halliburton Corporation at the Hassi R'Mel gasfields. Dermot has also held senior security and operational positions with theBechtel Corporation on the BP In Salah Gas pipeline project securing andsupporting the construction of a 600km pipeline connecting the In Salah Gasfields to the pipeline network exporting gas to Europe. Petroceltic in Algeria Petroceltic's Isarene Contract Area is 75% owned by Petroceltic and 25% bySonatrach, the Algerian state oil company. It covers 10,871 sq kms, or theequivalent of 43 UK North Sea Blocks. The contract area has nine gas and one oiland gas discoveries, and according to Sonatrach has discovered reserves of 380billion cubic feet of gas and 28 million barrels of oil, and potential reservesof 4.6 trillion cubic feet of gas and 400 million barrels of oil. The contractarea has 8,872 square kilometres of 2 D seismic data and both oil and gasinfrastructure within 80 kms. Algeria has 37.9 billion barrels of oil equivalent. It supplies 29% of Europe'sgas imports, accounting for 15% of Europe's gas consumption and is set toincrease production by 40% by 2010. John Craven CEO of Petroceltic International PLC said: "I am delighted to have made these significant and senior appointments ahead ofour Algerian drilling campaign. This is the right team to evaluate the potentialof the Isarene Contract Area acreage and will provide the operational support tothe Algerian drilling campaign. "This team will also help the Company further explore its acreage in Tunisia,Italy and Ireland." Ends For further information, call: John Craven, Petroceltic International plc 00353 1495 9285 Billy Clegg/Caroline Stewart, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange