Petroceltic International plc, the independent oil & gas exploration company focussed on the Middle East-North Africa and Mediterranean region today announced its results for the year ended 31 December 2010.
Highlights:
– 6.1 TCF Petroceltic estimate of most likely gas resource in place in the Isarene permit area, Algeria
– Appraisal drilling phase commenced in Algeria to complete before end of 2011
– Preferred partner for Algerian farm-out identified and transaction submitted for approval to Algerian authorities
– Fully carried 2 well exploration drilling programme completed on the Ksar Hadada permit in Tunisia
– Strong investor base following successful US$120.5 million share placing in April 2010. Cash of US$82.2 million at year end and cash held as at 31 March 2011 is US$66.3 million
– Strengthening of the Board with the appointment of Tom Hickey as Corporate Development Director
– Additional high impact exploration and production opportunities under review
– Loss before tax increased to US$12.6 million (2009 US$6.1 million), primarily due to the write-off of exploration costs associated with the withdrawal from the Ksar Hadada permit
Robert Arnott, Chairman of Petroceltic commented:
“ 2010 was a year of solid progress for Petroceltic despite challenging circumstances. The Company has put in place the resources to exploit its world class discovery in Algeria and the underlying strategy and investment case remains strong. The Company is well positioned to add value within its existing business through an on-going exploration and appraisal programme, and is continuing to explore opportunities to expand its portfolio in areas that exploit the strengths of our team .”
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Source: Petroceltic, April 4, 2011;