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Future Plans
Algeria - Isarene Production Sharing Contract (75% interest / Operator)
• 3D seismic acquisition commences over largest prospect on the block.
• Seismic also planned to cover the Isas and Hassi Tab Tab 2 gas discoveries as part of the reserve delineation process.
• Seismic to be followed by extensive drilling programme commencing in the second half of 2008.
Italy (7 permits / 11 applications)
• Acquisition of British Gas’ (BG) Italian assets completed.
• Acquisition includes four operated permits and one non-operated permit in the gas prolific Po Valley adjacent to producing fields.
• Up to three wells planned for late 2008 and early 2009, two in the Po Valley and one in the Adriatic.
Tunisia (57% interest / Operator)
• Recent seismic mapping confirms three new prospects.
• Drilling planned for Q2/Q3 2008.
Algeria:
In the Isarene permit (Petroceltic Operator, 75% interest) Petroceltic announces the commencement of geophysical operations for the acquisition of a major 3D Wide Azimuth (WAZ) seismic survey. The survey, covering a total area of approximately 850 km2, is focussed on the highly prospective North Ain Tsila Ridge, in an area where log and test data from prior wells indicate the presence of hydrocarbons in both the Ordovician and Devonian reservoirs. Petroceltic and its partner Sonatrach have awarded the contract for this survey to Global Geophysical, a company experienced in 3D WAZ seismic survey acquisition elsewhere in Algeria.
Petroceltic’s strategy going forward is to employ the latest seismic technologies and a key objective of the 3D WAZ seismic survey is to identify high permeability sweet spots in the target Ordovician reservoirs in order to optimize drilling and well testing procedures. This technique has been successfully deployed by BP in the appraisal and development of the adjacent Tiguentourine Field in the Illizi Basin (to the east of the Isarene Permit) – where average development well flow rates of 80 mmscf/d from the Ordovician reservoir, have been reported*.
The survey is scheduled to take six months to acquire, and the data will be ustilised as acquired to plan up to 5 wells in this area commencing in Q4 2008, and continuing into 2009.
After completion of the survey on the ridge, 3D seismic will be acquired over the Isas and Hassi Tab Tab discovery areas as a prelude to delineation drilling planned for 2009.
Italy
The acquisition of the BG Group Italia Po Valley upstream interests, announced on 15th October 2007, was completed on 28th December 2007, following partner approval and final consent from the Italian authorities. This deal gives Petroceltic an inventory of operated and non-operated ready-to-drill prospects defined by existing 3D seismic data near to producing gas fields in the Po Valley and compliments Petroceltic’s existing oil dominated acreage in the Central Adriatic region.
Activity in the Po Valley in 2008 will focus on the Carissio and Torrente Nure Licences. In Carissio (Petroceltic Operated, 95% interest) there are two gas prospects well-defined by 3D seismic, Rosso and Arborio. These low-risk prospects are adjacent to existing gas infrastructure. The Company intends to mature these to fully-permitted, ready-to-drill prospects during the year, with drilling planned for Q4 2008/Q1 2009, subject to rig availability. In Torrente Nure (ENI operated, Petroceltic 55% interest) the operator intends to shoot additional 2D seismic, with a view to drilling an exploration well in 2009.
Central Appenines: On the BR268 RG licence (Viga Oil S.P.A. Operated, Petroceltic 40% interest), the Company intends to acquire additional seismic on the Elsa-1 discovery, prior to offshore appraisal drilling in Q4 2008/Q1 2009, subject to rig availability. On Civitiquana (Vega Oil S.P.A. Operated, Petroceltic 40% interest), data collation and study is underway, with a view to drilling in the first half of 2009.
The Company may seek to share risk in some of these prospects through a partial farm-out to industry partners or a strategic investor.
Tunisia:
Petroceltic has notified ETAP, the Tunisian State Oil Company, of its intention to enter the second phase of the Ksar Hadada Production Sharing Contract (Petroceltic 57%, Operator), which will extend this licence until April 2011. The Company has remapped the reprocessed seismic data on the licence, and is now planning up to three wells (subject to rig availability) in Q2/Q3 2008. Discussions on rig contracting are currently underway. It is likely that the Company will seek to share the risk of drilling the prospects identified through a partial farm-out of its interest in the licence.