PCI.L Regulatory News (PCI)

4 Aug 2009 07:00



Petroceltic International plc

Completion of Drilling on Well AT-1, Isarene Block, Algeria

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, is pleased to announce that well AT-1, the second operated well in the current drilling campaign on the Isarene Block in the Illizi basin of Algeria, has been successfully drilled to its target depth of 2118 meters. 

The well was targeting the Ordovician sands in the Ain Tsila Ridge structure and was completed on prognosis and on budget. Wireline log information and drilling data have confirmed gas bearing intervals in the objective Ordovician sands, which are in line with expectations. 

The well is currently being suspended for testing. The rig is expected to leave the location shortly, to mobilize to the AT-2 location, to continue to appraise the Ain Tsila Ridge structure, as part of the 5 to 7 well programme initiated in May this year. AT-2 is currently expected to commence drilling on location around 10th August 2009. Well testing operations are expected to start at well AT-1 around the middle of August 2009 and are expected to take approximately three weeks. It is intended that the INE-2 well, the first well drilled in this multi-well programme, will be tested after the AT-1 well. 

The well was drilled by Petroceltic (75% interest, Operator) in association with the Algerian Oil & Gas Company Sonatrach (25% Interest). 

Brian O'Cathain, Chief Executive of Petroceltic, commented:

 "We are pleased that our Isarene drilling operations are on time and on budget. The AT-1 logs look encouraging and we look forward to well test results in the near future".