Final regulatory approval for Ain Tsila Gas-Condensate Field Development

abarrelfullabarrelfull wrote on 29 Sep 2014 14:10
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21/12/2012

Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean is pleased to announce that the Algerian Competent Authorities have given their approval to the Plan of Development for the Ain Tsila gas-condensate field in the Illizi basin of Algeria. This follows the declaration of commerciality which was made on 8th August 2012, on completion of an agreement with Sonatrach to market all of the produced gas from the Ain Tsila field. The project can now move forward into the 30 year development phase of the licence. The approval is conditional on the partners committing to initiate certain planning and development works associated with the field during 2013, with the objective of optimising the execution of the development programme.

Petroceltic holds a 56.625% working interest in this field, with Enel holding 18.375% and Sonatrach 25%. Petroceltic remains committed to undertaking a further 18.375% farm down of its interest in this asset during 2013.

The approved plan of development will involve the production of gross reserves of 2.1 Trillion Cubic Feet of sales gas, 67 million barrels of condensate and 108 million barrels of Liquid Petroleum Gas. Development planning will commence in 2013 and first gas is scheduled for the third quarter 2017, initially from an estimated 18 vertical wells produced through a new gas processing plant at an annual average wet gas plateau rate of 355 million standard cubic feet/day (10.05 million standard cubic metres/day). The plateau length is 14 years and an additional 106 development wells are estimated to be required during the period to maintain this production plateau.

Brian O'Cathain, Chief Executive of Petroceltic commented:
"This approval marks a major milestone for Petroceltic and allows us, along with our partners ENEL and Sonatrach, to move forward to focus on implementing the Development Plan with the goal of achieving first gas in the third Quarter of 2017. The regulatory approval of the plan of development should also allow Petroceltic to book the reserves associated with this asset and to finalise the outstanding financial arrangements associated with the farm-in by ENEL which was completed earlier this year"


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