PCI.L Regulatory News (PCI)

24 May 2006 07:01

Petroceltic International PLC24 May 2006 Petroceltic International Plc Algerian Operational update Petroceltic International plc ("Petroceltic" or the "Company") today announcesthe following key operational updates with regard to its Algerian explorationacreage: 1. Schlumberger contract signed 2. Commencement of drilling preparations 3. Appointment of Country Manager 4. Opening of new office in Algiers 5. Invitation to Tender for 2D Seismic Data Acquisition Schlumberger Contract Signed The drilling contract with Schlumberger, which was awarded last March, has nowbeen signed by all parties. The contract provides for the drilling of twoappraisal wells to multiple targets in the Carboniferous, Devonian andOrdovician zones and will each be drilled to a depth of approximately 2,300metres. Under the contract Schlumberger will manage all aspects of the drillingoperations which will be supervised by Petroceltic. Commencement of Drilling Operations Civil works to prepare the drill locations for the Company's first two wells hascommenced. Road construction is currently underway and it is expected that thecivil works will be completed by around the 15th July 2006. The relevantSchlumberger rig has recently commenced drilling the final well in its currentprogramme for Rosneft on an adjacent licence area. On completion of drilling andtesting operations on this well the rig will mobilize to Petroceltic's Isareneblock and Petroceltic's estimated spud date for the first of Petroceltic's twowells is now confirmed to be no later than mid August 2006. Appointment of Alf Scott as Country Manager, Algeria Alf Scott (Mechanical and Petroleum Engineer) has been appointed CountryManager, Algeria with immediate effect. Mr Scott has worked for over 30 years inAlgeria with particular experience in drilling, completion and stimulationoperations. He has worked for Sonatrach, the Algerian state oil and gas company,as well as Anadarko and Mobil Oil together with numerous other international oiland gas companies. Algerian Office Petroceltic has opened a new office in Algiers from which it plans to run allits Algerian operations. The office, which will be headed up by Mr Scott, isrecruiting a team of experts from Algeria and abroad. The Algiers office willenable Petroceltic to work more closely with its Partner, Sonatrach as well aswith its various contractors that are contracted to carry out certain operationson behalf of the Company. Tender for 2D Seismic Data Acquisition Petroceltic has invited a number of companies to tender for a 2D seismic dataacquisition programme. The Company intends shooting between 1,000km and 1,500kmof 2D seismic over the "TXA Couloir Ridge" area of the Company's Isarene blocksstarting in Q4 2006. It is planned that this seismic programme will identify anumber of new drilling opportunities for 2007. The company expects to announcethe awarding of the contract to the successful tenderer within the next coupleof weeks. Ends For further information, call: John Craven, Petroceltic International plc 00353 1495 9285 This information is provided by RNS The company news service from the London Stock Exchange