Petroceltic raises €89.6m to fund international drilling programme
Just shy of 635.3 million new ordinary shares are to be issued, with a mix of both new and existing institutional investors taking note. The capital injection – which had been flagged as a necessity, in the past few weeks, by a number of industry analysts – will allow Petroceltic fund its drilling activity in Italy and Algeria. Funding for its operations in Tunisia has largely been catered for, through farm-out agreements with local players.
The Dublin-headquartered oil and gas company’s chief executive Brian O’Cathain said that it was particularly pleasing that the placing was oversubscribed “despite the difficult market conditions”.
