Algeria's Ain Tsila Closer to Development

Petroceltic International updated its progress on the Ain Tsila field in Algeria. The company has been working towards commerciality and in January it, along with its partner Enel, submitted a draft plan of development for the Ain Tsila field to Sonatrach for its consideration.

A three month extension was agreed upon by the partners in late-April to complete the discussions. Petroceltic said over the last number of months this draft plan has been substantially agreed. In addition, very significant progress has also been made towards the finalization of the principal terms of the associated gas sales arrangements.

To facilitate completion of these negotiations, which are at a very advanced stage, Sonatrach, Petroceltic, and Enel have agreed to a further 15-day period extending until August 10, by which time the Declaration of Commerciality is expected to be in final form for submission to the competent authorities for approval.