9th Sep 2013 11:01
LONDON (Alliance News) - Petroceltic International PLC Monday reported a sharp rise in revenues for the first half of the year, but losses widened as administrative and finance costs increased after it acquired Melrose Resources in October last year and it wrote down more exploration costs after drilling unsuccessful wells in Egypt and Bulgaria.
The oil and gas development company which focuses on the Mediterranean and the Black Sea also warned that Egyptian production had been slightly below hopes due to the ongoing unrest in the country and therefore it now expects working interest production to be between 24,500 and 25,500 barrels of oil equivalent in the full year. It said there wasn't any consistent or on-going disruption to its Egyptian operations.
It added that while exploration drilling activity during the period was limited to the unsuccessful Kamchia well in Bulgaria and the Mesaha-1 well in Egypt, the second half of the year will see a significant acceleration of activity, with the drilling of some of its most important prospects in the Kurdistan region of Iraq and Romania.
Petroceltic reported a net loss of USD16.1 million for the six months to end-June, compared with a loss of USD3.2 million a year earlier, even though revenues increased to USD103.7 million, from USD291,000 as it started earning revenues from its Egyptian and Bulgarian operations.
The company's shares were down 1.7% at 148.5 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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