Exploration company Petroceltic has reported a net loss of $12.6m for the year to the end of December, an increase on the loss of $6.1m the previous year.
The company said the loss was due to the write-off of exploration costs associated with the withdrawal from the Ksar Hadada permit in Tunisia. But revenues from the company's Kinsale royalty rose to $270,000 due to the increase in the average gas price during the year.
During the year the company raised $120.5m to fund work programmes in Algeria and Italy.
'2010 was a year of solid progress for Petroceltic despite challenging circumstances,' commented Robert Arnott, the company's chairman.
'The company has put in place the resources to exploit its world class discovery in Algeria and the underlying strategy and investment case remains strong. The company is well positioned to add value within its existing business through an on-going exploration and appraisal programme, and is continued to explore opportunities to expand its portfolio in areas that exploit the strengths of our team,' he added.
Meanwhile, exploration company Ormonde Mining's subsidiary Saloro has bought the 10% stake in the Barruecopardo tungsten project in Spain which had been owned by its partner SIEMCALSA. This brings Ormonde's interest to 100%.
Ormonde is paying a total of €2.8m in several stages, while SIEMCALSA will continue to work on the project on a consultancy basis.
