Sunday 18 March 2018

Petroceltic's Egyptian output takes hit

John Mulligan

John Mulligan

Petroceltic's oil and gas production in Egypt during the first half of 2013 was below expectations due to what it said was a short operational interruption and two wells being shut down for remedial work.

However, the Irish company, which generates about 60pc of its revenue in Egypt, said its operations there had been largely unaffected by the continuing significant civil upheaval in the country.

"Egypt has been subject to significant civil unrest and political disruption during 2013," it said, releasing interim results yesterday. To date, this has had a limited impact on Petroceltic's activities. However, we will continue to monitor the situation closely."

It said it remained committed to long-term investment in Egypt.

Last year, Petroceltic paid £165m (€196m) to buy Melrose Resources. That gave it access to additional producing assets in Egypt and Bulgaria.

The company, which is headed by chief executive Brian O Cathain, is also active in countries including Iraq, Romania, Italy, Greece and Algeria.

Revenue for the first six months of the year totalled $103.6m (€123m) following the acquisition of Melrose, while the pre-tax loss was just over $5m for the period.

Irish Independent

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