Oil exploration company Petroceltic has said that an examinership hearing yesterday was adjourned until Friday, April 8.
Petroceltic said this hearing will hear the application for the appointment of Michael McAteer of Grant Thornton as examiner to the company.
Last month Petroceltic shareholder Worldview EHS International Master Fund presented a petition to the High Court to appoint an examiner to Petroceltic and its associated companies.
The company also issued an operational update on development drilling on its Ain Tsila gas and condensate field in Algeria today.
In a statement, it said that logging results from the well indicate that the reservoir quality is in line with the company's pre-drill prognosis.
Brian O’Cathain, CEO of Petroceltic, said the company was pleased that the results confirm the success of earlier wells in the highly productive northern part of the Ain Tsila field.
"The Sinopec rig performed above expectations on its first well and we have a number of improvement initiatives planned to reduce future well costs, mitigate development risks on Ain Tsila and maintain momentum towards first gas", he said.
The CEO said the company anticipates further operational updates and enhancements to the development plan in the near future.
