AIM-listed Petroceltic International today said its contract over the Isarene permit area in Algeria has received Presidential approval.
The exploration company also said that during 2004 it almost tripled its cash resources to $27m from $10m. Petroceltic reported a loss of $1.56m for the year ended December 2004, compared to a profit of $1.37m the previous year.
The company said that it expects to proceed with two appraisal wells in Algeria in the second half of 2005 with further drilling expected in Algeria, Italy, Ireland and Tunisia in 2006.
'Eighteen months ago Petroceltic had one exploration prospect. We now have a good portfolio of exciting prospects in four countries and I believe the company is in an excellent position to enhance shareholder returns in the future,' said John Craven, Petroceltic's CEO.
