Exploration firm Petroceltic International has reported a loss of $20m for the year to the end of December. This compares to a loss of $8.2m in 2011.
It said the loss partly arose as a result of fees of $6.4m relating to the merger with Melrose and a charge of $7.5m on the contingent payment due from Enel as part of its farm-in to the Ain Tsila site in Algeria.
The company is focused on the Middle East & North Africa, the Mediterranean and the Black Sea regions.
It said that if the merger had occurred in January 2012, it estimates that it would have made a profit for the year.
Revenues for the year rose from $0.42m to $59.4m.
The company's chief executive Brian O'Cathain said that Petroceltic is a company ''with an excellent balance of production, near term development assets and high impact exploration opportunities''.
He said that 2013 will see the company develop its business across each of these areas, while production will remain important in generating income to fund exploration and where appropriate to pay down debt.
''Work will continue in implementing the development plan for our world class asset in Algeria. In addition to this, the company expects to drill nine wells in 2013, an exciting exploration campaign which will include Kurdistan, Romania and Bulgaria,'' he added.
''Petroceltic has fundamentally transformed its business over the past year. The merger with Melrose in October 2012 has created a significant, regionally focussed, full cycle, independent oil and gas company. This combination has produced a company with stable finances and excellent growth prospects,'' commented the company's chairman Robert Adair.
''Petroceltic has the technical expertise and ambition to develop further over the next 12 months while the recent announcement of our new $500m financing facility represents a strong technical and financial endorsement of the quality of our producing assets and longer term growth ambitions of the group,'' he added.