Petroceltic losses increase to €4m

IRISH oil and gas exploration company Petroceltic has seen its first-half pre-tax losses widen to just under $5 million (€3.9m), from just over $2m for the same period last year.

The company has interests in the Mediterranean and Northern Africa.

While the company’s work in Italy has been put on hold until legislation regarding exploration activity has been sorted out in that country, the first half of the year saw ongoing successful development work in the firm’s Tunisian and Algerian assets.