Petroceltic raises directors’ pay packages by $600,000

Directors’ remuneration at Irish exploration company Petroceltic rose $600,000 (€469,000) last year to just under $2.1m.

The Dublin-headquartered company — the asset base of which covers parts of north Africa and Italy — recently completed the $100m farm-down of over 18% of its headline asset, the Isarene/Ain Tsila gas field in Algeria.

The publication of its 2011 annual report shows that chief executive Brian O’Cathain received total pay of $814,495 last year, up from a total package of $779,086 in 2010.