PCI lets get in on,algeria,tunisia,italy,oil and gas.

LONDON (AFX) - This morning's story headlined "Petroceltic drilling unit contracted for three well programme off Ireland" was mistaken.

The statement from Petroceltic International PLC that: "Petroceltic is pleased to announce that the semi-submersible drilling unit 'Petrolia' has been contracted by its joint venture partner and operator Island Oil & Gas for a three well programme in the Irish offshore," was wrongly interpreted as meaning that the 'Petrolia' was owned by Petroceltic.

A statement yesterday from Island Oil & Gas made clear that the vessel was being provided by Petrolia Drilling Ltd.

In addition, the statement from Petroceltic chief executive John Craven that: "This is a very positive development for Petroceltic and is an important component in our planned drilling campaign for Ireland, Algeria, Italy and Tunisia in the coming months," was erroneously taken to mean that the properties to be drilled were those held jointly by Petroceltic and Island Oil & Gas.

Island is involved as a joint venture partner with Petroceltic in some properties in Donegal and the Celtic Sea, but it is also involved in a number of other properties.

An Island spokesman said this morning that "The company is not proposing to say which blocks" it might drill.

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