Petroceltic Unveils Plans for 2007
Following the recent drilling success in Algeria, Petroceltic has issued an update on activities and operations on its oil and gas portfolio and to outline its intended operational activities for 2007.
In what promises to be a busy and exciting period for Petroceltic, the following work streams will be prioritized:
Algeria Isarene Permit (Petroceltic 75% working interest)
--The Hassi Tab Tab (HTT-2) and Isas (ISAS-1) discoveries, announced to shareholders on 15 December 2006 confirm the potential of the Isarene block. First steps to commercialization have been initiated with discovery reports for HTT-2 and ISAS-1 submitted to our partner, the Algerian State Oil Company Sonatrach. Field delineation programs will follow. The Hassi Tab Tab and Isas discovery areas capture six pre existing gas discovery wells and one oil discovery. These wells, which were drilled by previous operators, flowed hydrocarbons from geological horizons in the Ordovician and the Devonian within the same prospect area as HTT 2 and Isas 1. --In 2007 seismic and drilling is to commence on the most significant prospect in the permit area "the Ain Tsila Ridge". Prospective gas resources for the Ain Tsila Ridge are estimated by Petroceltic to be in the range of 2 to 6 trillion cubic feet. --Other prospects in the Southern part of the permit area are being high graded in preparation for drilling activity. --Dialogue is ongoing with large multinational industry players with respect to forming a strategic alliance in order to maximize the gas potential of the Isarene permit, subject to the approval of the authorities in Algeria.
Italy blocks B.R268.RG& Civitaquana (Petroceltic 40% working interest)
--Complete the technical evaluation of the Elsa oil discovery prospect and the possible extension of the Miglianico oil field into block B.R268.RG. --Finalize drilling feasibility studies B.R268.RG. --Drilling operations on block B.R268.RG planned to commence Q4 2007, subject to partner and regulatory approvals. --Nine new license applications have been lodged primarily targeting the Elsa/Miglianico oil fairway (Petroceltic 100%). Petroceltic is expecting to be notified of permit exclusivity at the end of February 2007. --Continuous screening for corporate acquisition opportunities is to continue.
Tunisia (Petroceltic 60% working interest)
--Drilling activity through farmout will remain the strategy. --One to two wells are planned on the Sidi Toui and/or Oryx structures in 2007.
Ireland Kinsale Gas Field (Petroceltic royalty interest)
--Gas production continues to perform well. --2006 net income to Petroceltic in excess of $1 million.
--Cash of approximately $30 million post 2006 drilling with no debt.
John Craven CEO of Petroceltic said:
"The drilling success in 2006 confirms the potential of our Isarene block in Algeria. These HTT 2 and Isas 1 discoveries have added significant value to the Isarene Permit and are the platform on which to drive our Algerian business forward towards commercial exploitation. In particular, we are looking forward to commencing seismic and drilling activities at our largest prospect, the Ain Tsila Ridge. Our planned drilling program for 2007 into 2008 reflects the significant potential across our asset portfolio. With our robust balance sheet, Petroceltic is well positioned to create value for shareholders over the coming months."
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