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Petroceltic International reported that the parties to the Isarene production-sharing contract (PSC) have agreed to a formal declaration of commerciality in respect of the Ain Tsila natural gas field in the Illizi basin of Algeria.
The final discovery report, submitted in January 2012, along with the declaration of commerciality and supporting documentation will now be passed to the Algerian competent authorities. Following their approval, the PSC parties will be granted a 30-year exploitation permit for the Ain Tsila field.
Petroceltic holds 56.625% working interest in the development; Enel, 18.375%; and Sonatrach, 25%.
Brian O’Cathain, chief executive of Petroceltic, said, “The declaration of commerciality on the AinTsila field is a major milestone for Petroceltic and our partners Sonatrach and Enel. This is a critical step towards formally recognizing the reserves on this substantial field and our asset team is now focusing on planning for the development phase of the project.”