Petroceltic awards drilling contract
Dublin-based Petroceltic International has awarded a drilling contract to the US' Schlumberger. The award is part of a programme involving drilling and testing two wells to a depth of 2,300 metres in the Isarene blocks 228 and 229 in the Illizi basin, starting at the end of June. Petroceltic has entered into a $25 million conditional underwriting agreement with London-based RAB Capital to fund the project. Under the agreement, RAB will underwrite 102 million new ordinary shares at a ...
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