Schlumberger wins Algerian drilling contract
Posted: 27 March 2006
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Petroceltic has awarded a major drilling contract to Schlumberger for its 2006 drilling programme in Algeria.
 The company has also executed a $25 million underwriting agreement with funds managed by RAB Capital plc, in conjunction with a placing of new ordinary shares of $0.015 each to new and existing shareholders of the company.
The 2006 programme provides for the drilling and testing of two appraisal wells on the Petroceltic's Isarene blocks 228 and 229 in the Illizi Basin of Algeria. Both wells will have multi targets in the Carboniferous, Devonian and Ordovician zones and will each be drilled to a depth of approximately 2,300 metres.
Drilling operations is expected to commence by the end of June 2006.
Schlumberger was awarded the contract because of its technical competence, its recent Algerian experience and because it offered the most comprehensive project managed proposition, Petroceltic said in a statement.
Another key factor in awarding the contract to Schlumberger was the near immediate availability of a drilling rig in a fiercely competitive rig market, it added.
John Craven CEO of Petroceltic said: "We are delighted that Schlumberger will be drilling Petroceltic's first wells in our large Algerian block. They offered the best technical package and their recent success with Rosneft will bring huge benefits to Petroceltic.”
“We are also delighted to have an institution with the c alibre of RAB as a significant shareholder particularly given their commitment, financial expertise and success in the oil and gas sector,” Craven said.
Posted by Editor Pipeline Magazine
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