News

January 28, 2010

As Petroceltic International’s Spanish Investors Retreat, Its Main Shareholders Pay A Premium To Back An E&P With Real Potential In Algeria

Petroceltic International plans to return to its Ain Tsila gas/condensate discovery in south-eastern Algeria later this year, keen to sustain the momentum created by its recent three-well programme on this giant structure in the under-drilled Illizi Basin. The AIM-quoted company completed the third well, AT-3, earlier this month, having found a gas column measuring more than 80 metres in the Ordovician reservoir.

The find proved that this field now stretches for more than 22 km, from the first well, AT-1 to AT-3, with the wells likely to flow at rates of more than 30 million cubic feet per day following fracture stimulation. 

The company couldn’t, however, frac the AT-3 well because of very high pressures at this location, which exceeded the limits of the wellhead equipment.  This meant Petroceltic couldn’t achieve a commercial flow-rate from the well and there are now plans to frac and...