Petroceltic Drills INE-2 in Algeria's Isarene Block to Total Depth

Petroceltic International plc

Petroceltic International announced that well INE-2, the first operated well in the current drilling campaign on the Isarene Block in the Illizi basin of Algeria, has been successfully drilled to its target depth of 1,020 meters. The well was targeting the Devonian F2 sands in the ISAS structure and was completed on prognosis and on budget. Wireline log information and drilling data have confirmed gas bearing intervals in the objective Devonian F2 sands which are in line with expectations. The well was drilled by Petroceltic (75% interest, Operator) in association with the Algerian Oil & Gas Company Sonatrach (25% Interest).

The well has been suspended for testing, and the rig has left the location and is mobilizing to the AT-1 location on the Ain Tsila Ridge. AT-1 is expected to commence drilling on location around June 20, 2009. The INE-2 well is planned to be tested after testing of the AT-1 well.

Brian O'Cathain, Chief Executive of Petroceltic, commented, "It is very encouraging being the first well in the program with a new, recently imported rig that the well was drilled on budget and close to the planned time of 17 days and that preliminary results show it to be in line with expectations. We look forward to continued good progress with the second well and the testing program."