By Alex MacDonald

 

LONDON--Petroceltic International PLC(EG5A.DB) said Monday it completed the second well on the Ain Tsila gas field in Algeria and found 73 meters of gas and condensate bearing rock at the Ordovician formation.

The AT-13 well was drilled on schedule and under budget. AT-13 is the second of up to 24 new development wells on Ain Tsila that are forecast to boost the field's output to an average annual production rate of 355 million standard cubic feet of wet gas per day.

Petroceltic holds a 38.25% stake in the field, while Sonatrach owns a 43.375% stake, and Enel SpA (ENEL.MI) an 18.375% interest in the field.

 

Write to Alex MacDonald at alex.macdonald@wsj.com

 

(END) Dow Jones Newswires

May 23, 2016 03:13 ET (07:13 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Enel (BIT:ENEL)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Enel Charts.
Enel (BIT:ENEL)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Enel Charts.