Any experts out there with a view to todays RNS on Algerian gas find ?
Looks good to me but sp is down
Thanks in advance nr

cyril,next RNS will take us over the line at Isarene and an Iberdrola coughup would perk these up no end.

only a successful drilling report will perk up this stock

In time this will go to 30p...probably before year's end !.

Drilling result out,

As previously announced, a gas column in excess of 80 metres has been logged in the Ordovician reservoir in well AT-3, the second delineation well in the Ain Tsila gas condensate discovery. Testing of the AT-3 well on the discovery has confirmed that the gas at this location is in the same pressure regime as wells AT-1 and AT-2, demonstrating that this gas condensate discovery extends for a distance of over 22km, from AT-1 to AT-3.




Fracture stimulation, which is usually necessary to achieve commercial flow-rates from the Ordovician reservoir in the Illizi Basin, could not be successfully completed in the AT-3 well due to the presence of an in-situ rock stress regime significantly higher than that measured at AT-1 and AT-2, and higher than had been anticipated in the well design. Consequently, the pressures required to fracture stimulate the AT-3 well exceeded the pressure rating of the wellhead equipment, and the Company was unable to fracture stimulate the well with the available equipment. Local high in-situ stress caused by localised tectonic history is a known issue in other Illizi basin fields in Algeria and the Company considers that it is likely to be of limited local extent, rather than regionally extensive.




The AT-3 well has now been suspended with a view to completing the fracture stimulation and testing as part of a future Ain Tsila appraisal campaign when wellhead equipment with a higher pressure rating can be deployed. This is planned to be later in 2010, subject to Government and partner approval.




Data from the three wells drilled in the Ain Tsila discovery have demonstrated the presence of an extensive and probably continuous gas accumulation capable of flowing at rates exceeding 30mmscf/d following fracture stimulation. A Discovery declaration for the Ain Tsila field has been filed with Sonatrach, in accordance with the Production Sharing Contract.




Drilling is currently underway on the INW-2 well in the north west of the block, on the Issaouane NW prospect. The rig has logged two gas bearing intervals in the primary Devonian F2 objective, and is now drilling in the secondary Ordovician reservoir objective. The Devonian F2 gas intervals will be tested after completion of drilling.




Brian O'Cathain, Chief Executive of Petroceltic, commented:




"We are pleased that the 3rd well on the Ain Tsila Ridge Discovery in this drilling campaign has demonstrated pressure continuity with the earlier two wells drilled, and the presence of a single large gas accumulation in the field. Additionally, the logging results from INW-2 look positive, and we are hopeful that this well will prove up another commercial gas flow rate in the block. We are now working to interpret and integrate the large volume of data from these discoveries, with a view to making an application to the Algerian authorities for an appraisal period extension to the production sharing contract in the near future. We hope to be carrying out further appraisal drilling on the Ain Tsila field later this year, subject to partner and Government approval".

cyril

not at all sure that that rns will stimulate sp

Up she goes!

More a long term hold for me so it's the size that matters and of course a further discovery.
cyril

22KM of pay!!!

Market predictably canning them on what is a tech hitch,this is a massive field and i believe a good price to purchase 14pish?
aimho
cyril

.

good one in not to have too much money!

Nonsense Cynic, this looks very promising,with a massive gas deposit....

been hearing that for about the last 12 months ..... once PCI are in a position to get the stuff out of the ground, which is seemingly not the case at the moment, then you can consider throwing your hat in the air

Good RNS despite sag in market.

You do have a point about production...Afren are getting closer and closer to production levels like TLW and hence the sp rise...Petroceltic, I think have an incredible amount of gas in the ground, it will take time to bring into production, but there is tremendous upside for the sp as there are a lot of things going for this company.

Over $100m coming into company in Q1 from Iberdrola and Sonatrach.

there's the difference and the nub of the matter ..... PCI only THINK they have a lot of gas in the ground, whereas AFR KNOW they have lots and lots of oil .... memory also tells me that AFR's extraction is pretty easy in oilie terms

Exactly !, the upside is far more than the downside....ref 737...

an inflow of cash is pretty incidental ..... without gas + production there is nothing

One of these days there will be a review of the amount of gas in the ground and I bet that it will be at least half a trillion cubic feet....