Petroceltic falls 4% after well plugged

Shares in Irish exploration firm Petroceltic International fell nearly 4% yesterday on the back of the company abandoning an exploration well in one of the territories into which it expanded last year.

The Dublin-based firm — traditionally focused on northern Africa and the Mediterranean — significantly upped its geographical presence last year, with its takeover of Scottish explorer Melrose Resources taking it into the Black Sea and extending its presence to other parts of northern Africa and Middle East.

Petroceltic last month reported an operating profit of $4m, an 18% cutting of pre-tax losses, and strong revenue growth for 2012, all on the back of the Melrose deal, and said the coming year and a half would see it embark on an ambitious exploration programme, covering a minimum of nine wells across most of its geographical base, including two high impact wells in the Kurdistan region of Iraq.