Petroceltic announces £27.5m share placing

Oil and gas exploration company Petroceltic today announced that it has successfully raised £27.5m (€30.7m) through a conditional placing with existing and new shareholders.

Oil and gas exploration company Petroceltic today announced that it has successfully raised £27.5m (€30.7m) through a share placing with existing and new shareholders.

The company, which is mainly focussed on North Africa and the wider Mediterranean region, said the proceeds would be used to support its drilling programme in Algeria and to accelerate its ongoing appraisal and drilling activities in Italy in 2010 and 2011.