Petroceltic International today said its operating loss widened to $6.1 million last year, from $3.7 million in 2008, mainly due to higher administrative costs
The independent oil and gas exploration company focussed on the Middle East-North Africa (MENA) and Mediterranean region today said the loss was due to higher administrative expenses resulting from increased exploration and appraisal activity across the groups assets.
Cash and cash equivalents at year end were US$33.7 million, with no bank debt according to the company.
This followed the successful share placing completed in June 2009, which raised gross proceeds of US$43.4 million for the Company.
Since year end, a further share placing has raised additional gross funds of US$120.5 million, ensuring that the Company is healthily positioned to execute its forward drilling programme.
Revenue from the Kinsale gas fields in 2009 decreased to$210,000 from $962,000 the previous year, as a result of lower gas prices and lower production.
Chairman Andrew Bostock said 2009 was an active and highly successful year for the company.
"The company is now well positioned to add further value across the portfolio, with a strong balance sheet and an active and funded drilling programme planned for 2010 which will encompass all of the countries in which we operate; Algeria, Italy and Tunisia."