Petroceltic in €160m funding round

Irish exploration firm Petroceltic is set to raise $175m (€157m) in debt financing next month.

The bulk of the funding will go towards further financing the development of its key gas field asset in Algeria.

The Dublin-headquartered company — which, last year, raised $100m via a contentious share placing - yesterday announced its intentions to launch a bond issue with a three-year term.