Petroceltic announces plans for further exploration wells
Oil and gas exploration firm Petroceltic yesterday announced plans for expansion as part of its outlook for 2013, including plans to explore in Greece.
The Dublin and London listed firm is to create five exploration wells across Egypt, Bulgaria, Romania and Kurdistan, with a further five development wells planned for these regions.
The company, which won approval for a long-term development and exploitation project in Algeria in December, is forecasting a production range of 25 to 27 thousand barrels of oil equivalents per day for 2013. Production in 2012 was in line with guidance.
“Our business is now generating strong cash flows, undertaking active exploration in five countries and moving into development of the world class Ain Tsila gas condensate project,” chief executive Brian O’Cathain said.
Petroceltic, which in August bought Melrose Resources for £165 million, plans to move to the main board of the London Stock Exchange in May, Mr O’Cathain said. It is currently listed on junior AIM.
The company said last week it won approval from Algeria to develop the Ain Tsila field, which is expected to start production in 2017 and is in talks for the sale of an 18 per cent stake, Mr O’Cathain said.