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Monday, December 24, 2012
Petroceltic International reported that it has received approval from the Algerian authorities for the Plan of Development regarding the Ain Tsila gas-condensate field in Algeria’s Illizi Basin. The approval follows the declaration of commerciality which was made on August 8, on completion of an agreement with Sonatrach to market all of the produced gas from the Ain Tsila field.
The project can now move forward into the 30-year development phase of the license. The approval is conditional on the partners committing to initiate certain planning and development works associated with the field during 2013, with the objective of optimizing the execution of the development program.
The approved plan of development will involve the production of gross reserves of 2.1 Tcf of sales gas, 67 million barrels of condensate, and 108 million barrels of LPG. Development planning will commence in 2013 and first gas is scheduled for Q3 2017. Production will come initially from an estimated 18 vertical wells produced through a new gas processing plant at an annual average wet gas plateau rate of 355 Mmcf/d. The plateau length is 14 years and an additional 106 development wells are estimated to be required during the period to maintain this production plateau.
Brian O'Cathain, chief executive of Petroceltic commented: “This approval marks a major milestone for Petroceltic and allows us, along with our partners ENEL and Sonatrach, to move forward to focus on implementing the Development Plan with the goal of achieving first gas in the third Quarter of 2017. The regulatory approval of the plan of development should also allow Petroceltic to book the reserves associated with this asset and to finalize the outstanding financial arrangements associated with the farm-in by ENEL which was completed earlier this year.”
Petroceltic holds a 56.625% working interest in this field, with Enel holding 18.375% and Sonatrach 25%.
Petroceltic said it remains committed to undertaking a further 18.375% farm-down of its interest in this asset during 2013.
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