Petroceltic posts $4.1m pretax loss

IRISH exploration company Petroceltic has reported a pretax loss of $4.1 million (€2.85m) for the first half of this year; down slightly from a loss of nearly $5m for the same period last year.

The Dublin-headquartered company — which is active in southern Europe, north Africa and the Middle East — also saw its loss per share narrow from 31c to 20c and first half revenues rise from $119,000 to $158,000.

Chief executive Brian O’Cathain noted yesterday that the company’s asset base has been “considerably” strengthened over the past 12 months and the plan is to “maintain and exploit” recent operational momentum.