Petroceltic Notes Successful Well Test in Algeria
Petroceltic, in association with its partner Sonatrach, announced that well testing of the Objective Devonian F2 formation at well INW-2 has been successful, with a gas well test rate of 16.7 million standard cubic feet per day ("MMscf/d") (19,740 cubic meters/hour) with a flowing wellhead pressure of 347.5 PSIG on a 96/64"' choke setting. This flow rate was achieved without the benefit of fracture stimulation.
Well INW-2 is the 5th and final well to be drilled on the Isarene permit (Blocks 228 & 229a), in the Illizi basin during the current drilling campaign. The well was drilled by Petroceltic (75% interest, Operator), in association with the Algerian oil & gas company Sonatrach (25% Interest), to a total depth of 2124m in January 2010, targeting the Devonian F2 sands, with the Ordovician formation as a secondary objective. After the perforation of a 6 metre interval in the Devonian formation, the following flow rates and Flowing Well Head Pressures ("FWHP") were recorded.
Testing and sampling operations at the INW-2 well have now finished and the well has been completed for possible future use as a production well. The secondary Ordovician objective did not encounter any reservoirs with effective permeability at this location. The Issaouane North West structure is the fourth separate structure to be tested at a potentially commercial rate by Petroceltic on the Isarene permit. As previously announced, the Company has successfully tested gas on this license from the Ain Tsila field, the Hassi Tab Tab field and the ISAS field. In accordance with the provisions of the Isarene Production Sharing Contract, a declaration of discovery for the Issaouane North West accumulation has been submitted to Sonatrach.
Brian O'Cathain, Chief Executive of Petroceltic, commented, "This is the highest gas flow rate recorded from a single Devonian zone in the Illizi basin to date. We are pleased that this well has demonstrated a commercial flow rate on the structure. We are now preparing to submit a request to our partner, Sonatrach for an extension of the PSC into a delineation phase. We expect to be returning to the field for further appraisal drilling in Isarene later in 2010."
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