Petroceltic — the Dublin- headquartered oil and gas exploration firm — has received formal final regulatory approval for the development of the Isarene/Ain Tsila gas field in Algeria.

Petroceltic has been awarded a share of a new licence in Egypt, for which potential oil prospects have already been identified.

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.

Petroceltic has reported a pre-tax loss of $3.25 million (€2.6m) for the first half of 2012; shaving almost $1m off losses generated in the corresponding period last year.

Irish exploration company Petroceltic is set to take control of British oil exploration and production company Melrose Resources in a £165m (€210m) deal which will basically double the size of the Dublin-based firm.