Exploration company Petroceltic has reported a pre-tax loss of $1.9m for the first six months of this year, compared with a loss of just under $1m a year earlier.
It blamed the increase on higher administrative expenses, which it says it is incurring to develop its business. The company recorded revenue of $320,000 in the period.
During the period, Petroceltic agreed a strategic alliance with Spanish energy firm Iberdrola. Iberdrola invested $55m in Petroceltic to help develop its oil and gas assets in North Africa and Italy.
