Independent oil and gas explorer Petroceltic said today that some of its latest drilling work in Iraqi Kurdistan, Egypt and Romania failed to produce significant volumes of oil or gas.
"The outcome of these exploration wells is disappointing but does provide a significant amount of information that will greatly help decision making around future activity on these licences," said Brian O'Cathain, Petroceltic's CEO.
The Dublin-listed energy company said it would now focus on exploring the Shireen-1 well in Iraqi Kurdistan where drilling is set to start in June and expected to last 150 days.
Petroceltic also said its proposed placing to raise $100m was in the best interest of the company. It was responding to shareholder Worldview Capital Management who has criticised the placing.
"Petroceltic has always and will continue to uphold the interests of all its shareholders and the board believes that these interests are best served by, inter alia, ensuring a diverse and balanced shareholder base, bringing new and valuable experience into the company and maintaining high corporate governance standards," the company said in a statement.