Oil and gas explorer Petroceltic International has farmed out a 29.93% interest in its Tunisian Ksar Hadada onshore oil and gas exploration permit to fund a seismic and new well drilling programme.
The company farmed out the interest to PetroAsian Energy (Tunisia), a unit of Hong Kong-listed PetroAsian Energy Holdings.
The move will finance all of the company's work commitments, including new seismic acquisition and the drilling of at least two wells. Petroceltic will retain a 27.03% interest in the field and will keep ownership of the permit.
'The overall capital commitment to the seismic and drilling work programme from PetroAsian is up to $14.5m', Petroceltic said.
Petroceltic's co-venturer in the permit, Independent Resources, has farmed out 21.03% of its previous 40% interest to PetroAsian, giving PetroAsian an overall participating interest of 51%.
'We expect to complete 2D seismic acquisition on the permit in 2009, with a view to drilling two exploration wells in 2010, subject to rig availability and partner and government approval, commented Petroceltic's CEO Brian O'Cathain.
