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KCA Deutag rig to find Petroceltic Algeria trove


Published Jan 29, 2009
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KCA DEUTAG's rig T-505

Dublin-based Petroceltic International has signed KCA Deutag to a land-rig contract for the oil company’s seven-well Algerian drilling and testing campaign in the Isarene permit.

A new T-212 rig en route from Germany will appraise gas and oil discoveries already made on the license by Petroceltic and previous operators.

The drill-bit programme is expected to take up to 10 months with funding from the $55 million investment in Petroceltic by Spanish energy company Iberdrola in June 2008.

Petroceltic holds a 75 percent stake in Isarene with Algerian state champion Sonatrach, holder of the remaining 25 per cent.

Petroceltic is about to receive the first $7.3 million dollar advance from Iberdrola with expectations of a drill start in April.

Tags: KCA DEUTAG, Petroceltic International plc



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