Petroceltic International, an Irish oil and gas explorer, won approval for its Isarene permit in Algeria to enter the next two-year exploration phase and said initial results are "encouraging".
The explorer's Ksar Hadada permit in Tunisia was also renewed for three years, and seismic data show "a number of exploration prospects," the Dublin-based company said today in a statement.
"These agreements secure these permits for Petroceltic and its partners in both Algeria and Tunisia for the coming years," chief executive office John Craven said in the statement.
"We look forward to an exciting program of drilling over the next twelve months."
Bloomberg
