The rig is currently stacked in Hassi Messaoud, Algeria, and will begin mobilization immediately to the Isarene permit for a drilling program of four appraisal wells. Petroceltic is the operator of the permit.
This additional program is further to the five well drilling program undertaken in 2009/2010, which demonstrated the presence of an extensive and probably continuous gas accumulation capable of flowing at rates exceeding 30mmscf/d following fracture stimulation.
The four well drilling and testing program will focus on appraising the gas discoveries made on the Isarene permit by Petroceltic during 2009/10. This program is fully funded following the $120m equity placing completed by Petroceltic in April 2010.
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%.
