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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petroceltic | LSE:PCI | London | Ordinary Share | IE00BB0QZ876 | ORD EUR0.3125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.495 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5196T Petroceltic International PLC 22 December 2003 PETROCELTIC INTERNATIONAL PLC TUNISIAN LICENCE AGREEMENT Petroceltic wins Large North Africa onshore Block Petroceltic International plc ("Petroceltic"), an AIM quoted upstream oil and gas company, announces that it has signed agreements with the Tunisian Government and State Oil Company (ETAP) to explore, produce and develop, oil and gas resources within a 7,000 km2 onshore area known as the Ksar Hadada block in southern Tunisia. Petroceltic has secured a 100% (95% net) interest and operatorship of the block. The agreements provide for a 10-year exploration period and a renewable 30 year production licence for any commercial hydrocarbon discoveries. Petroceltic is to initially focus on one of the largest of these prospects in the southern part of the block where a potential 400 million barrel structure has been identified following detailed evaluation of existing well and seismic subsurface data. Petroceltic plans to drill this feature in 2004. The Ksar Hadada block is located inland from the coast adjacent to the Libyan border and is near to existing oil fields in Tunisia and Libya. Several significant oil and gas prospects have already been recognised over this extensive area. A well drilled in this area in 1958 found oil in a fractured Ordovician sandstone but seismic acquired after the well was drilled demonstrates that the well was located on the edge of this structure. Furthermore, elsewhere in southern Tunisia, two significant Ordovician oil and gas discoveries have been made this year in a similar geological setting to that found in Petroceltic's Ksar Hadada block. These wells confirm the significant but relatively unexplored hydrocarbon potential of the Ordovician play in southern Tunisia. These same reservoirs also host some of the largest oil and gas fields in neighbouring Algeria and Libya. Brian Cusack, Executive Chairman of Petroceltic, commented: "This a major step forward for Petroceltic and represents our first move into the prolific hydrocarbon basins of North Africa. The drilling objectives in the large prospect described above are at shallow depths of less than 4,000 feet, giving Petroceltic access to significant potential hydrocarbon reserves for only a modest financial exposure. "We are looking forward to successfully working with ETAP in the exploration and exploitation of the hydrocarbon potential of this block." Contacts: Petroceltic International plc Tel: +353 1 662 7993 Brian Cusack, Chairman Tel: +353 87 257 5476 brian.cusack@petroceltic.ie John Craven, Managing Director Tel: +353 86 386 2076 john.craven@petroceltic.ie www.petroceltic.com Binns & Co PR Ltd Tel : +44 (0) 20 7786 9600 Paul McManus Mob: +44 (0) 7980 541 893 paul.mcmanus@binnspr.co.uk Simpson PR Ronnie Simpson Tel: +353 1 260 5300 Davy Stockbrokers Des Carville Tel: +353 1 679 63 63 Additional Information: Petroceltic has entered into a Production Sharing Contract with Enterprise Tunisienne d'Activities Petrolieres ("ETAP", the Tunisian state oil company). In turn both parties have signed a Convention with the Tunisian State, represented by Monsieur Fethi Merdassi, Minister of Industry and Energy. These confidential agreements allow for the sharing of production revenues for cost recovery and the sharing of profits with ETAP. All royalties and tax will be paid by ETAP. Petroceltic has acquired the exploration database and rights to the application for this licence under an agreement announced previously with GAIA of Italy and Derwent Resources of U.K. Under this agreement GAIA and Derwent each have a right of back in to a maximum of 2.5% of any commercial discovery after payback leaving Petroceltic with a net 95% interest. These companies' principals are very experienced in projects involving North African geology similar to that of this area and were instrumental in the discovery and evaluation of commercial discoveries including the Elephant Field in Libya (+500mbbls). The 7000km2 and 90%+ onshore Ksar Hadada block contains several major structures. The largest - known as Sidi Toui - may alone contain reserves in excess of 400 million barrels of recoverable oil plus significant volumes of associated gas. Oil has already been found in this structure. The discovery well (ST-1) was drilled in 1958 and was quickly followed up by a second well (ST-2) to assess the field. Both wells were located solely on the basis of very sparse gravity data and surface mapping and without any seismic data. ST-1 only encountered the flank of the structure and ST-2 missed the structure completely. Seismic was subsequently conducted over the area but no further exploration work was done. GAIA and Derwent have, after detailed analysis of the seismic and well results using modern techniques, identified the Sidi Toui structure as one with substantial potential and low risk. The structure is large and contains oil. Petroceltic plans to drill an optimally located appraisal well on the high-relief Sidi Toui structure in 2004 to establish the volumes contained in the reservoir and the recoverability of the oil. Since the structure is shallow, this should be low cost (less than $1.5 million). The company is encouraged by recent substantial commercial discoveries in Tunisia this year in similar geological settings. The structure is also analogous to giant oil and gas fields in Algeria and Libya. 22 December 2003 This information is provided by RNS The company news service from the London Stock Exchange EN AGRILFERFALALIV
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