Petroceltic International plc, the independent oil and gas exploration development and production company focused on the Middle East North Africa (“MENA”), the Mediterranean and the Black Sea regions today announces its results for the six month period ended 30 June 2013.
The Company Highlights include high impact drilling campaigns in Kurdistan and Romania which recently commenced, a $500 million debt refinancing, agreement of commercial terms of second stage farmout in Algeria, four new licences added to the portfolio in core geographic area, a $26.9 million contingent Algerian farm-out payment received from Enel, revenue of $104 million, first half working interest production of 24,500 boepd; currently producing 26,000 boepd. The Company expects that the 2013 full year production will be 24,500-25,500 boepd.
Brian O’Cathain , Chief Executive of Petroceltic, commented:
“The first half of 2013 has been a period of solid operational delivery and significant financial and corporate progress. In particular, the successful conclusion of our refinancing and negotiation of a second farm-out for the Ain Tsila asset in Algeria clearly demonstrates the strength of the Group’s funding position and the quality of our asset base. We are now entering a period of potentially transformational exploration activity with high impact drilling campaigns in Kurdistan and Romania”.
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Press Release, September 09, 2013