News

August 05, 2009

Petroceltic International Readies Two Wells For Testing As Its Isarene Drilling Campaign Gathers Momentum

Shares in Petroceltic International nudged up almost five per cent to close at 11 pence on Tuesday after the AIM-quoted firm posted another positive, albeit preliminary, result from its key drilling campaign in Algeria. This campaign is targeting the large Isarene Permit in the Illizi Basin, where there’s thought to be a multi-tcf gas prize.

The long-awaited Isarene drilling campaign is being billed as an appraisal rather than exploration project because Petroceltic needs to follow-up existing discoveries on the 7,500 sq km licence (there have been 16 wells drilled here to date, with Petroceltic responsible for the two most recent) in order to prove up the commercial potential of the acreage before the end of the second exploration phase in April 2010.  This will allow it to hold onto as much of the acreage as possible going...