Petroceltic has successfully completed the second development well on its flagship Ain Tsila field in Algeria under-budget and on schedule.
The Irish independent, which has been beset by boardroom battles that have only recently been settled, said the AT-13 intersected 73metres of gas and condensate bearing formation and the wireline logging results from the well have indicated there is “excellent reservoir quality” similar to what was found at the AT-8 well.
The well is the second of a 24-well programme and lies to the north of the field 1.8 kilometres from the AT-8 appraisal well and 1.8 kilometres away from AT-1, which was the original discovery well.
The drilling programme is being carried out in order to maintain optimal production.
“Well test results will be confirmed later in 2016 when planned batch completion, stimulation and testing activities are undertaken the company said in a statement.
The drill rig is now on the move and will drill the AT-11 development well in the north of the field which will target the same gas and condensate bearing formation as AT-13.
Petroceltic holds a 38.25% stake in the field whilst Sonatrach holds an 43.375% stake, Enel is the third partner with an 18.375% stake.
Activist investor Worldview Capital is in the process of taking over the company following a protacted board room battle over the management of the business.
Worldview was finally given the all clear to takeover the troubled company after a court-appointed examiner ruled Worldview was the best party to take control of the firm.
Petroceltic had opposed the take over but as its financial position suffered it was forced to accept the deal. Although details of the deal have still to be confirmed it is likely Worldview will have acquired the company at highly advantageous terms. It previously offered3.0 pence per Petroceltic share, which was an 83% discount to the company’s share price at the time.
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