Petroceltic Set to Spud Algerian Well

Petroceltic International plc

Addressing the company’s annual meeting in Dublin on Friday, Petroceltic International’s CEO John Craven said that the Irish firm plans to begin drilling in its Algerian Isarene Permit on July 30.

The first well will evaluate the “ISAS” prospect where there are three reservoir objectives in Devonian and Ordovician sandstones. The nearest existing well to ISAS, “INE 1,” located 4 kms northeast, tested gas at rates of up to 4 million cubic feet per day. Other nearby wells “TMZ 1” and “INW 1” have tested gas at similar rates.

After drilling the first well, the rig will move to the second location at Hassi Tab Tab West (HTTW). The HTTW well will target potential hydrocarbon reservoirs of Carboniferous, Devonian, and Ordovician age.

Petroceltic as operator has contracted Schlumberger "IPM" to project manage the drilling operations for the two wells, which are expected to last for the three months of August, September, and October this year.

The drilling of the ISAS and HTTW wells marks the beginning of a sustained period of petroleum operations by Petroceltic over the large Isarene permit area in the coming three to four years. The operations involve new seismic acquisition and further drilling.

In addition to the wells in Algeria, Petroceltic expects that drilling will commence on the “Inishbeg” prospect offshore Donegal in mid-August. Petroceltic has a 16.25% interest in Irish frontier license 1–05, which contains the Inishbeg prospect.