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.

His 2011 package consisted of a basic salary of $678,746 and was boosted by a $63,071 bonus and pension payments totalling $72,678.

Petroceltic finance director Alan McGettigan saw his total remuneration rise from $460,114 to $482,432 last year, while Tom Hickey — the company’s corporate development director — was paid a basic salary of $487,305. His total package of $640,459 was boosted by a bonus payment of $104,423.

Also, during 2011 Petroceltic increased its resource estimates for the Isarene asset by about 70% to 10.3tn cubic feet and has forecast 2017 as the date for first commercial gas flow from the site.

Elsewhere, fellow Irish explorer San Leon Energy has been awarded a further licence in Poland — a country in which the Dublin company already has six licences.

The Praszka Concession covers an area of 296,082 acres and expands the company’s presence in the country.

San Leon also has a number of assets in Morocco, Holland, Italy, Albania, and Ireland.

Commenting on the licence win, San Leon’s chairman, Oisin Fanning said: “We’re very excited to continue to expand our prospective acreage position in Poland.

“Our focus on the huge upside potential of the Carboniferous follows the company’s strategy of building a diverse portfolio of high potential assets.”