Saturday 18 November 2017

Unsuccessful well exploration leads to $19m losses for Petroceltic

Geoff Probert, Head of Technical at Petroceltic
Geoff Probert, Head of Technical at Petroceltic

Exploration firm Petroceltic has reported year end losses of $19m following a write-off of $37m due to unsuccessful wells in Egypt, Bulgaria and Romania.

According to a statement from the Dublin-based company, revenue came in at $197m, which then supported a capital programme of $161m across six countries.

The international firm, which currently employs 160 full time staff, plans additional exploration in Kurdistan and Romania and “front end engineering and design” will begin in the Ain Tsila gas condensate field in Algeria, the firm’s most significant asset.

Robert Adair, Chairman of Petroceltic said that the company has shown an ability to operate “with a balanced portfolio and clear regional focus”.“We have undertaken a successful refinancing, negotiated our second farm out in Algeria, and secured prospective new acreage in core areas,” he said.

Meanwhile, Petroceltic has also announced plans to raise $100m through a placing of shares with a number of institutional investors.

"The move to the main markets of the London and Irish stock exchanges will broaden the range of current and potential future investors,” according to Chairman Adair, “while the proceeds of the proposed equity placing will allow us to continue to enhance the value of our existing portfolio and evaluate appropriate growth opportunities as they arise”.

Online Editors

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business