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Market: AIM
Sector: Energy
EPIC: PCI
Latest Price: 165.63p  (1.53% Ascending)
52-week High: 187.75p
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Market Cap: 291.14M
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Petroceltic International plc is a publicly quoted oil and gas exploration and production company which currently employs 160 full time industry professionals across multiple disciplines and geographies. Petroceltic is an equal opportunities employer. The Company is headquartered in Dublin with offices in Edinburgh, London, Algiers,...

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Petroceltic to increase Egypt production following successful development drilling

February 06 2013, 7:49am The Mesaha 1 frontier exploration well, however, was plugged and abandoned after it failed to encounter hydrocarbons

 

Petroceltic International (LON:PCI) expects to bring online production from the South Damas 2 development well later this month.

The newly drilled well on the South Damas field, in Egypt’s Nile Delta, has penetrated 96 feet of high quality gas-bearing sands. The well is expected to lift production to over 20mln cubic feet per day (cfpd) from 12 cfpd.

Separately another well, the East Dikirnis 1 development well, has now been brought online after it was tied into the field’s facilities. The well is currently producing oil at a rate of 150 barrels a day, and later in its life its will switch to produce gas.

The Mesaha 1 frontier exploration well, however, was plugged and abandoned after it failed to encounter hydrocarbons.

Petroceltic had a 40% stake in the well, which cost US$10.3mln gross, and it says that the data from the well will now be used in a review of the regional geology.

"While we are naturally disappointed not to have encountered any evidence of hydrocarbons in the Mesaha wildcat exploration well, it has provided valuable new information on this frontier exploration area in southern Egypt,” said chief executive Brian O’Cathain.

“We are very happy with the progress we are making in our development projects in Egypt whilst the South Damas - 2 drilling results are particularly pleasing.

“Meanwhile, we look forward to commencing our high potential exploration drilling programmes in the Black Sea and Kurdistan Region of Iraq later this year."

 

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