Petroleum Africa
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Thursday, January 9, 2014
Petroceltic has applied for a permit to drill an exploration well during 2014 on its South Dikirnis prospect in 2014. The prospect is situated within the West Dikirnis development lease, immediately adjacent to existing facilities and infrastructure. If successful, this 4.4 million barrel prospect will be brought swiftly into production.
During Q4 2013 the ratification process for the award of the El Qa’a Plain exploration license was completed followed by ratification of two further new licenses, North Thekah and South Idku at the outset of 2014 by the Egyptian government. The addition of these new licenses has increased Petroceltic’s core exploration acreage position in Egypt by over 300%.
Petroceltic spent $60 million in Egypt over 2013 on a range of facilities and development activities.
The major LPG and compression facilities projects at West Dikirnis and West Khilala fields are now substantially complete. The development budget for 2014 amounts to $32 million and the firm investment program includes facilities safety upgrade works initiated in 2013 on West Dikirnis and West Khilala, further development drilling at East Abu Khadra, and routine asset integrity and maintenance work across the remainder of the field portfolio. Locations have also been developed for a number of further infill production wells in existing fields and we have retained sufficient operational flexibility to extend rig contracts and initiate additional exploration activities should the opportunity arise. This rescheduling of drilling activity has had the effect of deferring incremental production to future periods and thus slightly reducing 2014 guidance versus previous estimates.
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