Petroleum Africa
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Monday, January 4, 2016
Petroceltic continues to progress its development activities for the Ain Tsila project in Algreia. The company said that plans to commence development drilling are at an advanced stage, with operating teams in the field and civil works and preparation of well sites on-going.
The Sinopec development drilling rig has arrived in Algeria and is currently being mobilized to the first well site. Development drilling is expected to commence by early-February.
The partners have concluded the FEED process and the tender process for the award of the EPC contract is continuing. Petroceltic expects the EPC award to be made in Q3. Based on this timeline, the current best estimate for first gas production is now early 2019.
The Sonatrach carry of Petroceltic’s development obligations pursuant to the 2014 farm-out agreement remains fully effective and based on this amended schedule is forecast to cover all of Petroceltic’s project costs until Q3 2016. Amounts remaining to be claimed under the carry stood at approximately $89.6 million at end November 2015.
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