Results for the twelve months ended 31 December 2011.
Petroceltic International plc (“Petroceltic” or “the Company”), the independent oil & gas exploration company focussed on the Middle East-North Africa (“MENA”) and Mediterranean region today announces its results for the year ended 31 December 2011.
- Successful six well appraisal drilling campaign in Algeria completed on time and under budget.
- Petroceltic estimate of most likely gas resource in place in the Isarene permit area, Algeria, increased by c.70 per cent to 10.3 TCF.
- Enel introduced to the Isarene permit as 18.375 per cent partner. Over US$100 million received to date.
- Substantial progress on finalising with Sonatrach a plan of development incorporating gross recoverable contingent resources of 2.2 TCF of gas and 180 million barrels of condensate and LPG recoverable contingent resources over life of field.
- Sonatrach, Petroceltic and Enel agree to a three month period from 24th April 2012 to conclude the Final Discovery Report and submission of the Declaration of Commerciality for the field.
- Entry into two highly prospective licences in the Kurdistan Region of Iraq.
- Preparation for drilling of high value Carpignano Sesia prospect (formerly Rovasenda) in Italy.
- Strengthened investor base following successful US$60 million share placing in May 2011.
- Funded and well placed to continue to develop and grow the business. Net debt position of US$15 million at year end and cash at 31 March 2012 is US$64 million with no debt.
Robert Arnott, Chairman of Petroceltic commented:
“Petroceltic delivered on all of its key targets for 2011. The Isarene farm-out deal was approved by the Algerian authorities, the Company completed its appraisal campaign on time and under budget, achieving significant success, the plan of development was submitted to Sonatrach on time, and the portfolio expanded through the addition of two highly prospective licences in the Kurdistan Region of Iraq.
The coming year will see the maturation of our Algerian asset towards development sanction, the booking of commercial reserves, and accelerated activity on some exciting exploration in Italy and Kurdistan. In 2012, the Company is well positioned, operationally and financially, to take advantage of opportunities to expand its portfolio”.
For further information, please contact:
|Brian O’ Cathain/Tom Hickey, Petroceltic International
||Tel: +353 (1) 421 8300
|Philip Dennis/Rollo Crichton-Stuart,
Pelham Bell Pottinger
Tel: +44 (20) 7861 3919
|Joe Murray / Joe Heron, Murray Consultants
||Tel: +353 (1) 498 0300
|John Frain/Stephen Barry, Davy
|| Tel: +353 (1) 679 6363
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