Petroceltic sales more than halve to €34m but losses fall
Revenue at Irish exploration firm Petroceltic more than halved to $38m (€34m) in the first six months of the year as production levels fell.
This compared to sales of $96m during the same period in 2014. In its interim results, published this morning, the company said that this was due to lower production at its operations in Egypt and Bulgaria and “the decreases in oil and gas pricing”.
Despite this losses at the company narrowed from $57m to $27m.
This was primarily due to a significant reduction in exploration write offs. In the first half of 2014 Petroceltic made an operating profit of $24.3m before exploration write offs were taken into account. Exploration losses came to a total of $64.3m during the period.l
This year the company made an operating loss of 12.4m. Exploration write offs during the period were just $6,000.
Petroceltic said first-half production was about 15.7m barrels of oil equivalent per day (mboepd). It left its full-year guidance unchanged at 14 -15 mboepd.
Chief executive Brian O’Cathain said: ”The company has remained focused on delivery from its core assets, despite a challenging sector and market environment.
“Maintaining production levels in Egypt and Bulgaria remains a key objective and we are naturally encouraged by Eni’s recent discovery directly adjacent to our offshore acreage in Egypt.”