Petroceltic on track to meet well targets

Irish oil and gas exploration company Petroceltic said it is on target to meet full-year production targets and will drill 10 wells as part of its enlarged portfolio over the next year.

The Dublin-headquartered company completed a €210m reverse takeover of British firm Melrose Resources, expanding its reach to assets in Bulgaria, Romania, Turkey, and Egypt.

Management said the coming year will see it drill six high-impact exploration wells in Egypt, Kurdistan, Italy, and the Black Sea. In addition, work will begin at two wells in Bulgaria and two shallow wells in the Nile Delta. The four latter assets have early production potential.