The Dublin-based Petroceltic International had successfully drilled the first of 24 new development wells on its Ain Tsila gas and condensate field in Algeria.

Ireland's Petroceltic will begin drilling 5 km West of Eni's Zohr mega discovery next year.

Egypt recently awarded eight oil and gas exploration contracts for prospecting projects off the North Coast of the Mediterranean Sea. Companies inacluding BP, Petroceltic International, Sea Dragon, Pura Vida Energy and Dana Gas are paying a total of $73.2 million to secure the license deals, which require a minimum investment of $1.2 billion.

London-listed Petroceltic International has found gas at well AT-4 on its Isarene Permit in Algeria, despite producing lower than expected gas flows.