Petroceltic, 75% working interest ("WI") and 100% paying interest ("PI") and Operator, in conjunction with its partner Sonatrach, (25% WI), the National Oil and Gas Company of Algeria, completed the highly successful 2009/10 five well Isarene drilling and testing program on February 13, 2010, having discovered a major new gas condensate discovery in the Ain Tsila gas condensate field. The program also delivered two more modest discoveries with the successful INE-2 and INW-2 wells, complementing the Company's existing 2006 Hassi Tab Tab discovery. The drilling and testing teams have now been demobilized and the KCA-Deutag T212 rig is currently stacked at the INW-2 well location. The work program was completed in 260 rig operating days, with 950,000 cumulative manhours in the field and no lost time incidents.
Petroceltic and Sonatrach expect to retain the following four discovered oil and gas fields into the next appraisal extension phase of the Isarene Permit; Ain Tsila, Isarene North East; Hassi TabTab, and Isarene North West.
A dedicated Petroceltic appraisal team has recently been established to integrate and synthesize the extensive data collected during the 2009 campaign. An appraisal work program that will commence in Q4 2010 has been agreed with our partner Sonatrach. The appraisal program will consist of at least two further wells on the Ain Tsila field and one well on the Isarene North Eastfield. A formal request for a two year appraisal extension period, starting on April 26, 2010, in accordance with the Production Sharing Contract will shortly be submitted for approval to the Algerian Regulatory Authorities.
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