Petroceltic raises €30m to fund drilling and exploration

IRISH oil and gas exploration company Petroceltic has raised $40 million (€30.2m) through a share placing to help fund its drilling plans in North Africa and the development of its exploration activities in Italy.

The Dublin-headquartered company – in which Spanish energy group, Iberdrola bought a near 23% stake last year for €35m – also yesterday reported that its losses widened last year.

Petroceltic’s pre-tax loss for 2008 amounted to $3.7m, up from a loss of $2.46m in 2007.