Company Development
Petroceltic became an oil and gas company in November 2003. In 2004, Petroceltic acquired a licence called 'Isarene' in the Illizi basin of Algeria. In 2006, the company started the first of its exploration wells in Algeria and over the next few years explored the Isarene field with 3D seismic and 13 wells which ultimately led to the discovery and appraisal of the Ain Tsila gas condensate field and the submission of the Field Development Plan. The Ain Tsila field is currently under development. Partners in the field include Sonatrach (the Algerian state energy company) and Enel, the Italian utility.'Petroceltic Website, Operations – Algeria' Petroceltic Holdings is headquartered in London with offices in Algiers, Cairo and Varna. The Company's shares were delisted on the AIM of the London stock exchange and the ESM of the Irish Stock exchange following a process of examinership, approved by the High Court of Ireland. The company is now a private company owned by Investment Funds under the management of Worldview Capital Management Limited. In April 2021, while Sonatrach cancelled a contract with Sunny Hill Energy to operate a gas field in southern Algeria, the rejected British group is demanding $ 1 billion in reparations in court. Sonatrach has terminated the contract with Sunny Hill Energy to operate in partnership this site which is located 1,100 kilometers south-east of Algiers and in which the British company says it has invested hundreds of millions of dollars, according to a press release. Sunny Hill Energy, which owns a 38.25% stake in the Ain Tsila project, says the oil giant has offered no financial compensation.References
{{Reflist Oil companies of the United Kingdom British companies established in 2003