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Petroceltic on the rise

IRISH exploration company Petroceltic reported rising revenues but a pretax loss of $4.1m (€2.85m) for the first half of this year.

The Dublin-headquartered company -- which is active in southern Europe, north Africa and the Middle East -- outlined that the figure is a drop from a loss of nearly $5m (€3.6m) for the same period last year. Petroceltic's latest figures show the company has a current cash balance of $84m and no debt as first half revenues rise from $119,000 to $158,000.

Chief executive Brian O'Cathain noted yesterday that the company's asset base had been "considerably" strengthened over the past 12 months and the plan is to "maintain and exploit" recent operational momentum.