Petroceltic Reports Progress Ahead of Busy Year

Junior oil firm Petroceltic International reported Tuesday that its 2013 production was in line with guidance at 25,200 barrels of oil equivalent per day. For 2014, production is forecast to average between 20,000 and 22,000 boepd amid a busy exploration period for the firm.

Petroceltic that its high-impact drilling campaigns in Romania and the Kurdistan region of Iraq were continuing. In Romania, the company plans to drill up to three offshore wells during 2014/early 2015. In Kurdistan the firm’s Shakrok exploration well is currently being drilled but is approximately one month behind scheduled due to weather-related delays.

In Egypt, Petroceltic has applied for a permit to drill the South Dikirnis exploration well during 2014. The firm said that this 4.4-million barrel prospect will be swiftly brought into production if it is successful. Meanwhile, Petroceltic has added new licenses in the country, increasing its core exploration acreage position in Egypt by more than 300 percent.

The company has also made “significant progress” on its Ain Tsila development in Algeria. Detailed planning for the development has begun with regard to development drilling activities, while a detailed gas sales contract is “substantially agreed” and should be signed during the first quarter of this year.

Petroceltic Chief Executive Brian O’Cathain commented in a company statement:

"2013 was a year of solid progress, with highlights including the successful farm-out of the Ain Tsila Field in Algeria and the completion of a $500 million debt facility, with availability for projects in Algeria, Egypt and Bulgaria. We have successfully integrated the Melrose business into Petroceltic, and have continued to build good relations with governments in all of our areas of focus.

"We are looking forward to significant progress on the Algerian Ain Tsila development in 2014, and to potentially exciting exploration results in Romania and in the Kurdistan Region of Iraq. In particular, the planned well test programme for the Shakrok-1 well in Kurdistan should give some interesting results in the first quarter of 2014. As always, we look forward to updating shareholders on progress throughout the year."

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