Petroceltic Prequalifies for 7th Algerian Licensing Round
Petroceltic International plc has received confirmation from Algeria's National Agency for the Valorization of Hydrocarbons, ("ALNAFT") that it has prequalified for the upcoming Algerian oil and gas exploration licensing round as an Operator and Investor for onshore licenses.
The 7th Algerian licensing round, and the first since the adoption of the new Hydrocarbons law of 2006, was launched by ALNAFT on 10th July 2008. The round will invite bids from Operators and Investors for 45 exploration and production blocks in 16 permits, divided between nine hydrocarbon basins. The round closes in December 2008.
Commenting on the announcement, Brian O'Cathain, Executive Chairman of Petroceltic, said, "We are delighted to have been prequalified as an Operator and Investor by ALNAFT for this round, especially as Petroceltic is one of the few AIM-listed independent oil and gas companies to have done so. We look forward to an interesting process of evaluation of potential bids over the coming months. Algeria is one of the most prospective established oil and gas provinces close to Europe and is a territory in which Petroceltic has a proven track record of success. "
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