Inishbeg Prospect on the Donegal License
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Petroceltic and the partners in the Donegal License, offshore Ireland, have agreed to use the Petrolia semisub to drill the Inishbeg Prospect on the Donegal License in the summer of 2006. The well budgets and the well design have been agreed.
John Craven CEO of Petroceltic commented:
"We are delighted that we are going to drill offshore Donegal this year. The Company believes that the Inishbeg prospect is geologically analogous to the Corrib gas field. The significant increase in our royalty revenue highlights the commercial attractiveness of producing gas offshore Ireland.
"With this first drilling contract now in place and the tendering process for the Algerian drilling program well advanced, 2006 is looking to be a very exciting year of drilling activity for Petroceltic."
Petroceltic, the Irish based international oil and gas exploration and production company with a portfolio of assets in Algeria, Ireland, Italy and Tunisia is please to update shareholders on its progress in Ireland.
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