Petroceltic International Plc (LON:PCI) has reported the completion of the AT-13 development well on the Ain Tsila gas and condensate project in Algeria.
It is the second of 24 planned wells in the Ain Tsila development. Together the wells are designed to establish and maintain an annual average wet gas plateau production rate of 355mln cubic feet per day.
The well took less than a month to drill, and was completed within schedule and was under budget.
Early indications from the well suggest it was completed in line with the pre-drill prognosis.
The drill rig now moves on to the next well in the programme, AT-11.
Petroceltic has a 38.25% stake in the asset, alongside Algeria’s state backed Sonatrach (43.375%) and Italian major Enel (18.375%).
Presently, Petroceltic continues to benefit from a carry on development costs at Ain Tsila, following a deal to sell an 18.375% interest to Sonatrach back in 2014.
Petroceltic’s shares currently remain suspended, pending the final outcome of its examinership process.
Earlier this month it was flagged that Worldview International was set to take control of the company. Petroceltic was put into examinership - an Irish bankruptcy protection process similar to America’s Chapter 11 bankruptcy - in March.
Michael McAteer of Grant Thornton, the appointed examiner, conducted a sales and investment process requiring best and final offers in early May, along with proof of funding. And McAteer has decided to approve the Worldview proposal.
The examinership process is now expected to conclude in June, after the Worldview investment agreement is signed and the examiner has convened meeting between shareholders and creditors to vote on a scheme of arrangement.
Worldview owned some 29% of Petroceltic's shares and had a long running dispute with the group’s senior management. And following a recent deal with Petroceltic’s lenders it secured 69.44% of Petroceltic’s senior debt as well.