Petroceltic International, the independent oil and gas exploration development and production company focused on the Middle East North Africa, the Mediterranean and the Black Sea regions, today announces its results for the six month period ended 30 June 2013.
- High impact drilling campaigns in Kurdistan and Romania recently commenced
- $500 million debt refinancing
- Agreement of commercial terms of second stage farmout in Algeria
- Four new licences added to the portfolio in core geographic area
- $26.9 million contingent Algerian farm-out payment received from Enel
- Revenue of $104 million
- First half working interest production of 24,500 boepd; currently producing 26,000 boepd
- 2013 full year production expected to be 24,500-25,500 boepd
Brian O'Cathain (pictured), Chief Executive of Petroceltic, commented:
"The first half of 2013 has been a period of solid operational delivery and significant financial and corporate progress.
In particular, the successful conclusion of our refinancing and negotiation of a second farm-out for the Ain Tsila asset in Algeria clearly demonstrates the strength of the Group's funding position and the quality of our asset base.
"We are now entering a period of potentially transformational exploration activity with high impact drilling campaigns in Kurdistan and Romania".
Regarding the company's operations in Iraqi Kurdistan, the company made the following statement:
"The Dinarta and Shakrok blocks are operated by Hess and the work programme commitment for the initial 3 year exploration period includes the drilling of one exploration well in each block.
"Petroceltic has a 16% participating interest in each licence. Operations during 2013 have principally focused on the completion and processing of 2D seismic and prospect ranking, well planning, site selection and preparatory civils work on both blocks.
"Two 2,000hp rigs have been contracted and the first well on the Shakrok-1 prospect, which has total P50 resource potential of 650mmbls across multiple horizons, spudded in late August. This well has a planned duration of approximately 5 months.
"Our second well is planned to test the Shireen prospect on the Dinarta Block, which has total P50 resource potential of 660mmbls across multiple horizons and is scheduled to spud in October 2013."