Petroceltic has been granted permission to enter a second exploration period at one of its operations in northern Algeria.
According to the company, the Isarene site could contain gas resources larger than two trillion cubic feet. Two wells have already been drilled there by previous operators.
Petroceltic has a 75% interest in the Isarene site in association with Sonatrach, the Algerian state oil and gas company, which holds the remaining 25%.
The company also said today that it has had its Ksar Hadada permit in Tunisia renewed for a three year period. New seismic evaluation signals a number of exploration prospects on the licence.
'These agreements secure these permits for Petroceltic and its partners in both Algeria and Tunisia for the coming years,' commented the company's CEO John Craven. He added that the firm is looking forward to an 'exciting programme of drilling' over the next year.
