Petroceltic outlines expansion plans
Oil and gas exploration firm Petroceltic today announced plans for expansion as part of its outlook for 2013.
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 (mboepd) 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.