Petroceltic to fill Africa funding gap

PETROCELTIC is hoping to expand its portfolio of assets in north Africa on the back of unrest in the region.

The democratic uprisings in the region have created a funding shortfall for the local exploration industry and the Irish company — whose focus is chiefly in Algeria, Tunisia and Italy — is confident of stepping into the breach.

The Dublin-headquartered oil and gas exploration company recently agreed to sell an 18.4% stake in its leading asset in Algeria — the Isarene licence — to Italian utility company Enel for €123 million.