Petroceltic International plc has announced its results for the 12 month period ended December 31, 2007.
The key highlights are:
"Petroceltic has made clear progress in laying the groundwork for what is set to be an exciting year ahead. We have put in place a portfolio lying on the doorstep of Europe, with growing demand for energy supply, which has the potential to generate significant value for shareholders.
"The inherent upside in our portfolio has been underlined by the strategic alliance and investment agreement with Iberdrola, announced separately today, which ensures that we are fully funded for the upcoming multi-well drilling program in Algeria and elsewhere," said Petroceltic Executive Chairman Brian O'Cathain.
In 2007, Petroceltic's focus was on building its exploration and production portfolio in North Africa and Italy, two prolific petroleum provinces. Extensive seismic and analysis work has identified optimal drilling locations on a number of discovery and exploration prospects in both areas. In the same period the Italian license areas, both onshore and offshore, were expanded considerably.
The company is now poised for a period of significant investment and activity to prove up reserves, and move discoveries towards the development stage. The acquisition and interpretation of seismic data continues apace, ahead of the anticipated drilling of seven wells over the next year on the selected locations.
In Algeria, Petroceltic has now completed the acquisition of over 75% of its largest ever 3D seismic survey which will cover over 850 sq kms of the 70 kms long Ain Tsila Ridge the largest prospect in the Isarene permit. This program will be finished in August and data will be processed by year end. This and other seismic data will enable the company to identify optimal drilling locations in terms of structural position and reservoir quality. It is planned to drill the gas-prone Ain Tsila Ridge in addition to other oil and gas prospects in the Isarene permit in 2009.
In Italy, the company has substantially increased its acreage portfolio and is firming up drilling locations and rig slots. In addition to acquiring an attractive inventory of gas prospects in the Po Valley from BG Italia, Petroceltic has been awarded seven new exclusive offshore permits in the Adriatic. These adjoin four existing oil and gas fields. A number of wells are planned for late 2009/2010, including two onshore wells in the Po Valley area and one offshore well in the Elsa discovery block BR 268 RG in the Adriatic.
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