Losses narrow at Petroceltic
Exploration firm Petroceltic narrowed its losses in the first half of the year as it cut costs and increased its income from continuing operations.
The Dublin-based oil and gas firm lost $3.25 million in the first half of the year, compared to a loss of $4.1 million in the same period last year.
Operating costs at the company were down more than $600,000 to $4.22 million, while income increased by more than $200,000 to $1.05 million.
Capital expenditure in the first six months of 2012 amounted to $10.6 million which primarily related to the completion of the Ain Tsila appraisal campaign, Italian exploration costs and the on-going seismic programme in the Kurdistan Region of Iraq.
Petroceltic has licences in Algeria, Italy and Kurdistan, while Melrose is focused on Egypt, Bulgaria, Romania and Turkey.
Earlier this month, the firm announced plans to merge with Melrose Resources in a deal that will add the British exploration company’s cash-generating production to Petroceltic’s development portfolio.
This, according to Petroceltic, will create a balanced portfolio, and will transform the company’s portfolio from concentration in a single asset to a diversified yet regionally-focused company.