Petroceltic Awards Well Construction Services Contract in Algeria
Petroceltic announced that the contract for the provision of all wellsite services, including wireline evaluation, testing and cementing services and civil works for the Company's upcoming drilling program on the Isarene permit in Algeria has been awarded to Sahara Well Construction Services.
Sahara is a joint venture between Schlumberger, the leading oilfield services provider, and L' Enterprise Nationale de Forage ("Enafor"), the Algerian National Enterprise for Drilling, a subsidiary of Sonatrach, the Algerian state Oil and Gas Company.
Petroceltic has a 75% interest in the Isarene permit in association with Sonatrach, the Algerian state Oil and Gas Company, which holds the remaining 25%.
The Company also announces that the drilling campaign on the Isarene permit in Algeria is now expected to commence in early May 2009, having been delayed by some weeks due to the customs importation procedure for importation of the KCA Deutag T-212 rig into Algeria taking longer than anticipated.
Petroceltic expects to be in a position to announce further details of its upcoming operational program in the near future, once the final details for the program have been agreed between the Company and Sonatrach.
The Company confirms that there are no other material announcements in respect of the Company to be made at this time.
Brian O'Cathain, Chief Executive of Petroceltic commented, "We are pleased to have concluded this contract for wellsite services with Sahara, a new Joint Venture Company set up last August in Algeria, which combines the integrated well evaluation and oilfield services experience of Schlumberger with the local knowledge and experience of Enafor, one of Algeria's leading drilling contractors. We look forward to working closely with Sahara and KCA Deutag, and our partner Sonatrach in the implementation of our exciting appraisal program on the Isarene Block."
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