Petroceltic’s share price boosted by settlement

Dublin-based exploration firm Petroceltic has agreed a settlement with one of its former consultants in North Africa, after lengthy legal proceedings, nudging its share price in London up by almost 1% yesterday.

Petroceltic’s traditional asset base is spread across northern Africa — mainly in Algeria and Egypt.

The company last year issued legal proceedings against two former consultants to its African operations, in response to them claiming the firm owed them outstanding fees. The consultants — one of whom was looking for payment of $3.4m — were signed up by Petroceltic’s previous board in 2004 and 2005.