31st Jul 2007 14:36
Petroceltic International PLC31 July 2007 Petroceltic International plc Result of Annual General Meeting Petroceltic International plc ("Petroceltic" or "the Company"), the upstream oiland gas exploration and production company with headquarters in Dublin, Ireland,listed on the AIM and IEX Markets, and with an operational focus on North Africaand the Mediterranean, announces that at the annual general meeting ("AGM") ofthe Company, held today at 11a.m., all the resolutions put to the meeting werepassed. Commenting at the AGM on the progress and activities of the Company, the ChiefExecutive Officer, John Craven, made the following statement: "Petroceltic achieved another year of excellent progress in 2006 which continuedin the first half of 2007. Highlights include: • The drilling and testing of two successful operated gas wells in our Isarene block in Algeria, showing the potential of this world class asset • Nine new permit applications made in the Italian Adriatic offshore of which seven are on an exclusive basis • New interpretation yields four significant prospects in the Tunisia Ksar Hadada PSC • Joint Venture discussions which continue with senior industry players with the objective of assisting and accelerating the pace of activity on our assets, which will help mitigate financial and operational risk for Petroceltic's shareholders • Strong financial position with record royalty income and significant cash reserves • Appointment of 2 new directors with extensive industry experience Our activity in 2006 and the first half of this year now provides a solidplatform for growth with up to 9 wells planned in the next 24 months throughoutour portfolio. In addition, the company is well-placed to continue to developits assets, to accelerate first production and to grow our portfolio. The yearahead will be an exciting period for the Company of further growth in value anddelivery. The Company has been notified by Mr. Brian Cusack that he wishes to retire fromthe Board effective from 30th July 2007, in order to devote more time to hisother business interests. I would like to thank Mr. Brian Cusack for his long service on the Board ofPetroceltic and his valuable contribution to the growth of the company. Heworked for the company for over ten years and was instrumental in re-focusingour business into oil and gas in 2003. We wish him well in his other businessventures". A copy of a presentation given by John Craven at the company's AGM willavailable from 2 pm on Tuesday 31st July on the Petroceltic website atwww.petroceltic.com Ends Press queries to: John Craven /Brian O'CathainPetroceltic International plcTel: +353 (1) 495 9285 James Henderson / Alisdair HaythornthwaitePelham PRTel: +44 20 7743 6676 Ronnie SimpsonSimpson FT PRTel: +353 (01) 260 5300 Notes to Editors: Petroceltic International plc is a leading Upstream Oil and Gas Exploration andProduction Company, focused on the Mediterranean and North African area, andlisted on the London Stock Exchange's AIM Market and the Irish Sock Exchange'sIEX Market. The company has exploration assets in Algeria, Tunisia and Italy anda royalty interest in the Kinsale Head gas field in Ireland. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PCI.L