Operating costs cut at Petroceltic

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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 in Algeria, Italian exploration costs and a seismic programme in the Kurdistan region of Iraq.

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 transform it into a diversified yet regionally-focused company.

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