Petroceltic to raise €37m for new wells

Dublin: Irish energy prospector Petroceltic says it is raising €37 million for its drilling projects in Algeria and Italy.

It is placing shares with institutions at €12.50 each via an accelerated book -building process being carried out by Bank of America Merrill Lynch, J and E Davy and Mirabaud.

The company will use the proceeds to drill two additional wells.