Oil and gas company Petroceltic has raised about $120.5m to finance its appraisal programme in Algeria and planning drilling in Italy.
The company is embarking on a six-well drilling programme in the second half of the year, with appraisal wells in Italy and Algeria, where the focus is on the Ain Tsila gas field, and exploration wells in onshore Tunisia.
Petroceltic's CEO Brian O'Cathain said the current climate was favourable, with oil prices fairly stable at around $80 a barrel.
'This placing will fund the appraisal programme to optimise development plans for our major discoveries on the Isarene permit in Algeria,' Mr O'Cathain said.
'It also facilitates the drilling of a further well to determine the quality and extent of the oil discovery on the Elsa field in the Adriatic offshore Italy,' he added.
