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Thursday, September 18, 2014
Petroceltic International saw its production out of Egypt exceed its guidance for H1, seeing average rates of 21,000 boepd working interest entitlement and net entitlement production at 9,600 boepd. The company gained its producing assets in Egypt when it merged with Melrose Resources in 2012.
The company credits offtake being ahead of target mainly on reduced gas reinjection at the West Dikirnis field in response to requests from EGAS and EGPC to increase gas sales; it is anticipated that the increased offtake will cease and gas re-injection will resume at the end of September. The working interest production split between gas and hydrocarbon liquids was 103.2 Mmcf/d of gas and 3,178 bpd liquids (oil, condensate, and LPG).
The company said its team continues regular dialogue with EGPC and EGAS and it continues to work with them to secure regular payments for production. In addition, recent reports indicate government support to accelerate payments to the oil and gas industry with the intention of repaying outstanding arrears by 2017. Petroceltic continues to make significant progress in the recovery of historical arrears; the receivables position at the end of H1 was $79.4 million, a 33% reduction on the corresponding 2013 figure.
Petroceltic is well positioned for future growth in Egypt it says; in particular it has recently acquired three new exploration permits to increase its acreage position by over 300% and build an inventory of new exploration leads and prospects. The company now holds a 75% operated interest in the South Idku concession onshore in the Nile Delta and a 50% non-operated interest in the offshore North Thekah concession, which may contain an extension of the prolific Levantine Basin play. Both of these concessions were ratified in January 2014. It also holds a 37.5% non-operated interest in the El Qa’a Plain block on the eastern shore of the Gulf of Suez. This concession, which is thought to be prospective for oil, was ratified in October 2013.
The exploration potential in Petroceltic’s other onshore Nile Delta acreage is relatively mature and one exploration well, South Dikirnis-1, was drilled in May 2014 to test a prospect located in the West Dikirnis development lease. The well encountered high quality sandstone reservoirs, however, the reservoir interval was water-bearing and the well was plugged and abandoned.
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