Petroceltic gains extension in Algeria

Oil and gas exploration firm Petroceltic has secured a two-year extension to carry out appraisal work on a permit in Algeria.

The extension covers four discovery areas on the Isarene Block and commences on April 26th, 2010.

The company and its partner, Sonatrach, will retain 4032sq km, or 54 per cent of the area of the Isarene permit held during the second exploration period, and and relinquish title to the other areas of the permit.

"We are pleased to have agreed the two year addendum to the production sharing contract with our partner Sonatrach," said chief executive Brian O'Cathain.

"We look forward to recommencing drilling and appraisal work on the Ain Tsila field and other discoveries later this year."