UPDATE 1-Petroceltic reports higher flow rates from AT-1 well

Tue Oct 20, 2009 3:50am EDT

Related Topics

* Says flow rates rise up to 33.78 mmscf/d

* Says result confirms Isarene permit's potential

* Says AT-2 well logged gas column of more than 100 metres

* Shares rise as much as 17.6 pct (Adds details)

Oct 20 (Reuters) - Irish oil and gas explorer Petroceltic International Plc (PCI.I) (PCI.L) on Tuesday reported substantially higher flow rates from its AT-1 well in Algeria, sending its shares up as much as 17.6 percent. Petroceltic, which is focused on North Africa and the Mediterranean, said continued testing on the well on the Isarene permit in Algeria following fracture stimulation resulted in flow rates increasing to a maximum of 33.78 million standard cubic feet per day of gas (mmscf/d).

The well was drilled by Petroceltic, which is the operator with a 75 percent interest, in association with the Algerian oil and gas company Sonatrach. "The updated AT-1 result... confirm the significant commercial potential of the Isarene permit to Petroceltic and our partner Sonatrach," Chief Executive Brian O'Cathain said in a statement. The company also said drilling on the AT-2 well had logged a gas column of more than 100 metres and it had rescheduled its drilling programme, bringing forward the AT-3 well to delineate further the significant commercial potential of the Isarene permit.

Shares of Petroceltic were up 11.76 percent at 19 pence at 0732 GMT. They touched a high of 20 pence earlier in the session. (Reporting by Kumar Alagappan in Bangalore; Editing by Maju Samuel)

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