Petroceltic, Iberdrola form alliance

Petroceltic International has entered into a strategic alliance with Iberdrola to facilitate the development of the company's oil and gas assets in North Africa and Italy.

Offshore staff

DUBLIN -- Petroceltic International has entered into a strategic alliance with Iberdrola to facilitate the development of the company's oil and gas assets in North Africa and Italy.

According to the company, Petroceltic is now able to intensify and accelerate the work program on its portfolio of exploration and appraisal assets mainly in Algeria. Subject to normal partner consents, this includes a program of seven wells on the Isarene PSC block in Algeria where a wide azimuth 3D seismic survey to optimize these drilling locations is already well advanced. The first well in this program is scheduled to start drilling in early 2009.

06/30/2008

More in Company News