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(PCI.L) Petroceltic International PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 04-03-10 | RNS |
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RNS Number : 0609I Petroceltic International PLC 04 March 2010 4th March 2010 Petroceltic International plc Operational and Contingent Resources Update Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa and the Mediterranean, in association with its partners, is pleased to issue an operational update on its activities in Algeria, Tunisia and Italy. Highlights;
Algeria - Isarene Permit §Successful 2009 drilling programme with major new
Italy - BR.268 RG Permit §Assumed operatorship of the B.R268.RG Permit
Q3 2010
Algeria, Isarene Permit Petroceltic, 75% working interest ("WI") and 100% paying interest ("PI") and Operator, in conjunction with our partner Sonatrach, (25% WI), the National Oil and Gas Company of Algeria, completed the highly successful 2009/10 five well Isarene drilling and testing programme on 13th February 2010, having discovered a major new gas condensate discovery in the Ain Tsila gas condensate field. The programme also delivered two more modest discoveries with the successful INE-2 and INW-2 wells, complementing the Company's existing 2006 Hassi Tab Tab discovery. The drilling and testing teams have now been demobilised and the KCA-Deutag T212 rig is currently stacked at the INW-2 well location. The work programme was completed in 260 rig operating days, with 950,000 cumulative manhours in the field and no lost time incidents.
The first and second discovery reports for each discovery have been submitted by Petroceltic for approval by our partner Sonatrach. Flow test results from the five wells were as follows;
Petroceltic and Sonatrach expect to retain the following four discovered oil and gas fields into the next appraisal extension phase of the Isarene Permit; Ain Tsila, Isarene North East; Hassi TabTab, and Isarene North West. A dedicated Petroceltic appraisal team has recently been established to integrate and synthesize the extensive data collected during the 2009 campaign. An appraisal work programme that will commence in Q4 2010 has been agreed with our partner Sonatrach. The appraisal programme will consist of at least two further wells on the Ain Tsila field and one well on the Isarene North Eastfield. A formal request for a two year appraisal extension period, starting on 26th April 2010, in accordance with the Production Sharing Contract will shortly be submitted for approval to the Algerian Regulatory Authorities. Incorporating results from the 2009 Drilling Programme, Petroceltic's estimates for gross discovered hydrocarbons in place in the four discoveries are as follows;
The above oil and gas initially in place discovered hydrocarbons estimates exclude any condensates yielded from the gas development, which will be development scheme dependant. The main focus of the 2010/11 appraisal work on the Isarene permit will be to confirm the most likely recovery factors which apply to these in place hydrocarbon resources, and to optimise the development plans for these discoveries, and likely gas sales contracts. The Company expects to confirm the recoverable hydrocarbon reserves estimates associated with these discoveries after completion of the appraisal work programme. Italy - the Elsa Discovery, Licence BR268. RG Petroceltic (70% WI and 100% PI for 1st well) assumed operatorship of the B.R268.RG (the Elsa Discovery) on 28th January 2010 following the acquisition of a 30% interest from Vega Oil S.p.A. ("Vega"), a wholly owned subsidiary of Cygam Energy Inc., increasing the Company's total interest in the Elsa discovery to 70%. Petroceltic now plans to appraise the Elsa discovery well by drilling and testing an Elsa-2 well adjacent to the existing discovery well, Elsa-1, in which a 65m oil column was logged in 1992. An environmental impact assessment for the Elsa-2 well was submitted to the Italian Ministry for the Environment in August 2009 and is currently expected to be approved in Q2 2010. Drilling operations are planned to commence in September 2010, subject to receiving all necessary regulatory approvals. Situated in 30m of water depth, some 7km offshore in the Central Adriatic region of Italy, the well will be drilled by a zero discharge jack-up rig using water-based fluids. Four suitable rigs with acceptable contract windows have been identified and Petroceltic has commenced discussions with these rig operators with a view to contracting a rig in the near future. Petroceltic has completed the Elsa-2 well design and identified long lead items for procurement. A screening study has been completed with TRACS International Consultancy Ltd ("TRACS" a subsidiary of AGR Petroleum) to estimate gross contingent in-place and recoverable resources, as well as scoping economic analysis and sensitivities for an offshore development solution, including both fixed platform and floating development options. TRACS has been further commissioned to prepare a Competent Persons Report. This work is currently underway. Three independent experts have separately assessed the potential gross contingent recoverable resources associated with the Elsa-1 discovery, TRACS, DeGolyer & McNaughton, and Studio di Ingegneria Mineraria ("SIM"). The results of these independent studies are summarised as follows;
Elsa Field Gross Contingent Recoverable Resource Estimates, pre 2010 Drilling Programme
The Company may seek to share risk in the drilling of the Elsa appraisal well through a partial farm-out to industry partners or to a mezzanine finance investor. Tunisia, Ksar Hadada Licence Petroceltic (27.03% WI and 0.0% PI during 2010 work programme) jointly with Independent Resources successfully farmed out the Ksar Hadada block in Tunisia in Q2, 2009 to a subsidiary of PetroAsian Energy Holdings Ltd, a company listed in Hong Kong. PetroAsian will finance all of the Company's work commitments in the current programme including new seismic acquisition and the drilling of two wells. Post-farm out Petroceltic retains a 27.03% interest and operatorship of the permit. In Q3 2009, the Company established a dedicated team in Tunis to provide operational support for the planned programme. The Company acquired over 100km of new 2D seismic in Q4 2009, with processing and interpretation completed in January 2010. Following interpretation of the seismic, well locations for two Ordovician prospects were selected and approved by the partners in early February 2010. Contracts have now been placed for long lead items and a contract for drilling rig services has been entered into by Petroceltic with Compagnie Tunisienne de Forage ("CTF"), the drilling subsidiary of Entreprise Tunisienne d'Activit?P?oli?s ("ETAP"), the National Oil Company of Tunisia, for the CTF Rig 06. Drilling is expected to commence in June 2010 and operations are expected to continue for an estimated 12 weeks. Independent Expert assessments of gross prospective contingent resources and chances of success for the 2010 drilling targets on Ksar Hadada were carried out by Blackwatch Petroleum Services Ltd on behalf of PetroAsian, and are reported as follows;
Ksar Hadada Licence Gross Prospective Recoverable Resource Estimates (MMbbls), pre 2010 Drilling Programme
Brian O'Cathain, Chief Executive of Petroceltic, commented: "Last year's highly successful exploration programme will be followed in 2010 by another exciting year of drilling activity. Significant wells are planned in each of the three countries where we operate. We expect this year's drilling programme to move our large hydrocarbon contingent resources towards bookable recoverable reserve status. We are pleased to have delivered the 2009 work programme with an exemplary record in terms of health, safety and the environment, with no lost time or other significant incidents after almost one million manhours in the field. Our operational focus in these areas has enhanced our reputation with partners and Host Governments and positions us well for future growth. We are confident that our very exciting drilling programme for 2010 will add significant value for shareholders"
Ends For further information, please contact: Petroceltic
Pelham Bell Pottinger
Murray Consultants
Davy
John Frain Dr. Dermot Corcoran, Head of Exploration, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Dr. Corcoran has a B.Sc in Geology, a M.Sc. in Geophysics, and a Masters degree in Business Administration, all from the National University of Ireland, Galway. He also holds a Ph.D in Geology from Trinity College, Dublin. Dr. Corcoran has over 20 years experience in oil & gas exploration and production, and has previously worked at ExxonMobil, the Petrofina Group, and Statoil. Definitions in this press release are consistent with Society of Petroleum Engineers/ World Petroleum Council guidelines, which can be seen at http://www.spe.org/industry/reserves/docs/Petroleum_Resources_Management_System_ 2007.pdf GLOSSARY OF TERMS USED. BCF is billion cubic feet of gas. CONTINGENT RESOURCES are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no detailed approved development plans, no gas sales contracts, or where the current evaluation of the accumulation is insufficient to clearly assess commerciality. CONDENSATES are a mixture of hydrocarbons (mainly pentanes and heavier) that exist in the gaseous phase at original temperature and pressure of the reservoir, but when produced, are in the liquid phase at surface pressure and temperature conditions. DISCOVERED HYDROCARBONS INITIALLY-IN-PLACE is that quantity of hydrocarbons that is estimated, as of a given date, to be contained in known accumulations prior to production. GIIP is gas initially in place. MMBBLS are millions of barrels of oil. MMSCF/D is millions of standard cubic feet per day of gas. MMBOE are millions of barrels of oil equivalent, converted at a ratio of 1 barrel of oil equivalent (BOE) equals 5,600 standard cubic feet (SCF) of gas. PROSPECTIVE RESOURCES are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. RESERVES are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. STOIIP is stock tank oil initially in place. Notes to Editors: Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, North Africa and Mediterranean area, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's IEX Market. The Company has exploration and appraisal assets in Algeria, Tunisia and Italy. Petroceltic is in a unique position in Algeria, operating a significant licence in partnership with Sonatrach the National Oil Company of Algeria, and is the only AIM listed company to enjoy this position. This information is provided by RNS The company news service from the London Stock Exchange END
MSCBXLLBBXFBBBZ More |
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| 02-02-10 | RNS |
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RNS Number : 5005G Petroceltic International PLC 02 February 2010 Petroceltic International plc Successful well test at well INW-2 on the Issaouane North West structure, Isarene Block, Algeria Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oil and gas exploration and production company focused on North Africa, and the Mediterranean, in association with its partner Sonatrach, the Algerian National Oil & Gas Company is pleased to announce that well testing of the Objective Devonian F2 formation at well INW-2 has been successful, with a gas well test rate of 16.7 million standard cubic feet per day ("MMscf/d") (19,740 cubic metres/hour) with a flowing wellhead pressure of 347.5 PSIG on a 96/64"' choke setting. This flow rate was achieved without the benefit of fracture stimulation. Well INW-2 is the 5th and final well to be drilled on the Isarene permit (Blocks 228 & 229a), in the Illizi basin during the current drilling campaign. The well was drilled by Petroceltic (75% interest, Operator), in association with the Algerian oil & gas company Sonatrach (25% Interest), to a total depth of 2124m in January 2010, targeting the Devonian F2 sands, with the Ordovician formation as a secondary objective. After the perforation of a 6 metre interval in the Devonian formation, the following flow rates and Flowing Well Head Pressures ("FWHP") were recorded.
Choke
Testing and sampling operations at the INW-2 well have now finished and the well has been completed for possible future use as a production well. The secondary Ordovician objective did not encounter any reservoirs with effective permeability at this location. The Issaouane North West structure is the fourth separate structure to be tested at a potentially commercial rate by Petroceltic on the Isarene permit. As previously announced, the Company has successfully tested gas on this licence from the Ain Tsila field, the Hassi Tab Tab field and the ISAS field. In accordance with the provisions of the Isarene Production Sharing Contract, a declaration of discovery for the Issaouane North West accumulation has been submitted to Sonatrach. Brian O'Cathain, Chief Executive of Petroceltic, commented: "This is the highest gas flow rate recorded from a single Devonian zone in the Illizi basin to date. We are pleased that this well has demonstrated a commercial flow rate on the structure. We are now preparing to submit a request to our partner, Sonatrach for an extension of the PSC into a delineation phase. We expect to be returning to the field for further appraisal drilling in Isarene later in 2010". Ends For further information, please contact: Petroceltic
Pelham Bell Pottinger
Murray Consultants
Davy
John Frain Fabrice Toussaint, Head of Petroleum Engineering, Petroceltic International plc, is the qualified person who has reviewed and approved the technical information contained in this announcement. Mr. Toussaint holds a Diploma in Engineering from the Ecole Nationale Sup?eure de l'A?nautique et de l'Espace, Toulouse, and has over 17 years experience in oil & gas exploration and production. He is a member of the Society of Petroleum Engineers. Notes to Editors: Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Mediterranean, Middle East and North African area, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's IEX Market. The Company has exploration and appraisal assets in Algeria, Tunisia and Italy. This information is provided by RNS The company news service from the London Stock Exchange END
DRLUGUMWPUPUPUG More |
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| 20-01-10 | RNS |
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RNS Number : 8876F Petroceltic International PLC 20 January 2010 Petroceltic International plc ('Petroceltic' or the 'Company') Holding in Company The Company received a notification on 19th January 2010 from Capital Research & Management Company (CRMC) stating that CRMC has an interest in and controls the voting rights of 126,160,000 ordinary shares which represents 9.17% per cent* of the Company's issued ordinary share capital. Of this interest, 106,960,000 shares, representing 7.75% of the Company's issued ordinary share capital, are beneficially owned by SMALLCAP World Fund, Inc.
Dublin: 20th January 2010 This information is provided by RNS The company news service from the London Stock Exchange END
HOLPGUCCGUPUGMU More |
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| 20-01-10 | RNS |
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RNS Number : 8876F Petroceltic International PLC 20 January 2010 Petroceltic International plc ('Petroceltic' or the 'Company') Holding in Company The Company received a notification on 19th January 2010 from Capital Research & Management Company (CRMC) stating that CRMC has an interest in and controls the voting rights of 126,160,000 ordinary shares which represents 9.17% per cent* of the Company's issued ordinary share capital. Of this interest, 106,960,000 shares, representing 7.75% of the Company's issued ordinary share capital, are beneficially owned by SMALLCAP World Fund, Inc.
Dublin: 20th January 2010 This information is provided by RNS The company news service from the London Stock Exchange END
HOLPGUCCGUPUGMU More |
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Thanks barmy, not a detective, although that would be an interesting move as i sure like to keep an eye on you guys. To be honest i think its due to my stuborness that i end up posting loads of detail - can't let things lie and all that.
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bogbot,imo you are the best poster on the bb,have you ever been a detective at any time?
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| 19:25 |
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Earthly, thanks for the vote of confidence, but honestly my view is only an opinion and i only base it upon the info i have gleamed from PCI, other companies and google. I been invested a few years and so have a lot of data saved up. It irritates me when character like Brick chose to make points on selected 'bits' of info. I like to try to get all the info to everyone
I double checked the audio from the PCI presentation and BOC says 40-50% recoverble if light oil (about 23 mins in) - so that would put PCI's share up to 150-200mmBoe just for elsa with a whopping take for each barrel as 'its Itlay'. Its very good either way. Just to let people know what i mean by faulted and Elsa being very likely to be a separate reservior: http://i619.photobucket.com/albums/tt272/bogbot/adriatic.png Whole permit area - note position of Ropso mare to the south http://i619.photobucket.com/albums/tt272/bogbot/elsa.png Elsa and Elsa west (slightly to the north - note miglianico - shown as separate area connected by a thin strip - quite likely that the geological contours shallow in this area meaning two pools, so even Elsa west is likely to be separate. elsa on the other hand is separated from the other two by a fault: http://i619.photobucket.com/albums/tt272/bogbot/elsasection.png note here to the south Ropso mare, then elsa 1 with two prospects and to the north, elsa west - all separated by faults Note that the oil is laid in turbidite flows (fast laid sand sands and muds from alluvial/river flows) so the reservoirs are likely to have varying topography (hence different pools) before we even consider them being chopped up by faults. turbidities get thrown out underwater in different directions. Also very encouraging in terms of reducing risk - if you look at the P10, p50 and p90 volumes from DeGolyer & MacNaughton, they only range from 403-556mmBls - a very tight range, which basically means they are very certain on the oil thats there. BOC stressed in the talk that even if its heavy oil, then its still a very good find for PCI. Of all the risk associated with backing small oil companies, this one, to me, seems to be lower risk. I accept from FC that by taking on full cost the total risk has gone up, but the relative risk as i previously stated has gone down a smidge because of the better deal we struck for the extra 30%. To BC, sorry ive been away, have been/ am really busy, still reading, not writing so much. |
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