Friday 22 November 2019

Petroceltic: 'Current oil volatility has little impact on daily business'

Brian O'Cathain, Chairman of Petroceltic
Brian O'Cathain, Chairman of Petroceltic

PETROCELTIC said today that the current volatility in oil markets is having little effect on its daily business as most of its production is fixed price gas in Egypt or Bulgarian gas priced on a long time lag.

The company believes the 2015 production range will be between 16.5 to 18.5 mboepd/a thousand barrels of oil equivalents per day equivalent.

It also announced operational delays on the Shireen exploration well in Kurdistan with its options being reviewed

"2015 exploration programme restricted to core areas where material reserves additions are possible; farm-out initiatives in progress, no significant new venture activities are planned for year," it added.

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