Petroceltic issues positive outlook despite €1.44m loss

PETROCELTIC, the Irish oil and gas exploration specialist, has issued a strongly positive medium-to-long term outlook, despite reporting a loss of $2.1 million (€1.44m) for the first half of this year.

That loss was slightly up on the same period last year — when a loss of $1.9m was reported — due, mainly, to increases in administrative expenses.

Just last week, the Dublin-based firm — which operates in Italy and Northern Africa — announced a significant gas discovery in its Algerian operations, at its AT-1 well. It has plans to drill five wells there in the coming years. The company’s half-year position, according to Davy Stockbrokers’ Job Langbroek, “illustrates huge progress”.