Petroceltic Boasts Operational Success in '09

Petroceltic announced its results for the 12 month period ended December 31, 2009.

Highlights:

  • Successful completion of a five well drilling campaign in Algeria
  • Major new gas condensate discovery on the Ain Tsila Ridge tested at commercial gas flow rates up to 34 mmscfd
  • Total gas resource in place discovered in the Isarene permit area now estimated at up to 11 TCF
  • Strong cash position and investor base following successful share placings in 2009 and 2010
  • Further appraisal drilling planned to commence in Algeria before end 2010
  • Drilling in the Italian Adriatic Sea planned in the second half of 2010 to appraise the Elsa oil discovery
  • Fully carried exploration drilling to commence on the Ksar Hadada permit in Tunisia before mid 2010
  • Additional high impact exploration and production opportunities under review in the MENA and Mediterranean region.
  • Operating loss increased to US $6.1 million (2008 US $3.7 million), primarily due to higher administrative expenses resulting from increased exploration and appraisal activity across the groups assets. 

Andrew Bostock, Chairman of Petroceltic commented,"2009 was an active and highly successful year for Petroceltic. The Company executed a major operated drilling program in Algeria, delivering a world class gas condensate discovery and reinforcing its reputation as a first class E&P organization. The Company is now well positioned to add further value across the portfolio, with a strong balance sheet and an active and funded drilling programme planned for 2010 which will encompass all of the countries in which we operate; Algeria, Italy and Tunisia."

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