Friday 19 January 2018

Petroceltic reports first half loss, revenues up

Exploration group Petroceltic has reported a first half pre-tax loss of $5m, compared with $3.2m in the same period of 2012.

Revenue was $103.7m, from $0.3m.

Chief executive Brian O’Cathain said: "The first half of 2013 has been a period of solid operational delivery and significant financial and corporate progress.”

"In particular, the successful conclusion of our refinancing and negotiation of a second farm-out for the Ain Tsila asset in Algeria clearly demonstrates the strength of the Group's funding position and the quality of our asset base," he said.

"We are now entering a period of potentially transformational exploration activity with high impact drilling campaigns in Kurdistan and Romania".

The company has also recently restructured debt.

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