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26/01/2012

Petroceltic CEO Brian O’Cathain says he’s excited about the Kurdistan prospects

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Market: AIM
Sector: Energy
EPIC: PCI
Latest Price: 6.31p  (-2.92% Descending)
52-week High: 12.00p
52-week Low: 3.80p
Market Cap: 149.52M
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Petroceltic International
www.petroceltic.ie

Petroceltic is an upstream oil and gas exploration and production company with headquarters in Dublin, Ireland and with interests in Algeria, Kurdistan Region of Iraq, Italy and Ireland.

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Petroceltic International hires Hugh McCutcheon as non-exec director

14th Dec 2011, 7:40 am by Jamie Ashcroft Petroceltic International hires Hugh McCutcheon as non-exec director

Dublin headquartered oil and gas firm Petroceltic International (LON:PCI) today reported that it has appointed Hugh McCutcheon as a non-executive director.

McCutcheon was formerly head of corporate finance at Irish stockbroker Davy. 

Through his role at Davy he was involved in a broad range of corporate activities on behalf of clients, including privatisations, IPOs, fund raisings, debt raisings as well as mergers and acquisitions.

Petroceltic said that McCutcheon maintained a continuous focus on and interest in the natural resources sector while at Davy. During that role he advised the company as well as peers such as Aminex, Providence Resources and Dragon Oil.

"Hugh McCutcheon brings a wide range of skills and experience in deal-making and corporate governance to Petroceltic and on behalf of the board and our shareholders I am delighted to welcome him to the team," said chairman Rob Arnott.

Petroceltic is currently advancing its flagship asset, the Ain Tsila gas field in Algeria. 

Earlier this month the firm revealed excellent flow test results from the latest appraisal well on the field.

The well produced gas at a combined rate of 52.8 million cubic feet per day (mmscf/d) during the test, with 43.9 mmcf/d coming from the Upper Zone and 8.9 mmscf/d from the Lower Zone. The well also produced over 1,200 barrels of condensate a day.

This is the highest pre-fracture stimulation flow rates achieved on the Ain Tsila field to date.

The well test marked the end of the 2011 work programme.

In the coming year Petroceltic will continue to develop Ain Tsila while it also gears up for potentially high impact exploration in Kurdistan in early 2013.

 

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