PCI.L Regulatory News (PCI)

20 Mar 2009 17:00



20th March 2009

Petroceltic International plc

Award of Well Construction Services Contract in 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 the contract for the provision of all wellsite services, including wireline evaluation, testing and cementing services and civil works for the Company's upcoming drilling programme on the Isarene permit in Algeria has been awarded to Sahara Well Construction Services ("Sahara"). 

Sahara is a joint venture between Schlumberger, the leading oilfield services provider, and L' Enterprise Nationale de Forage ("Enafor"), the Algerian National Enterprise for Drilling, a subsidiary of Sonatrach, the Algerian state Oil and Gas Company.

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.

The Company also announces that the drilling campaign on the Isarene permit in Algeria is now expected to commence in early May 2009, having been delayed by some weeks due to the customs importation procedure for importation of the KCA Deutag T-212 rig into Algeria taking longer than anticipated. 

Petroceltic expects to be in a position to announce further details of its upcoming operational programme in the near future, once the final details for the programme have been agreed between the Company and Sonatrach.

The Company confirms that there are no other material announcements in respect of the Company to be made at this time.

Brian O'Cathain, Chief Executive of Petroceltic commented:

"We are pleased to have concluded this contract for wellsite services with Sahara, a new Joint Venture Company set up last August in Algeria, which combines the integrated well evaluation and oilfield services experience of Schlumberger with the local knowledge and experience of Enafor, one of Algeria's leading drilling contractors. We look forward to working closely with Sahara and KCA Deutag, and our partner Sonatrach in the implementation of our exciting appraisal programme on the Isarene Block".

For further information:

Petroceltic

Brian O'Cathain Chief Executive Tel: +353 (1) 421 8300

Alan McGettigan Finance Director

Pelham PR

James Henderson Tel: +44 20 7743 6363 Philip Dennis

Murray Consultants

Joe Murray Tel: +353 (1) 4980300

Davy

Hugh McCutcheon Tel: +353 1 6796363

John Frain

Brian O'Cathain, Chief Executive, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Brian holds a B.Sc. in Geology from The University of Bristol, and has over 25 years experience in oil & gas exploration and production. 

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Sock Exchange's IEX Market. The Company has exploration assets in Algeria, Tunisia and Italy. Petroceltic is in a unique position in Algeria, operating a significant licence in partnership with Sonatrach the state oil company, one of only two AIM listed companies to enjoy this position.