Exploration company Petroceltic has reported a loss of $282m for the year to the end of December.
This compares to a loss of $19m the previous year and came on the back of an exploration write-off of $183m due to unsuccessful wells in Kurdistan, Romania and Egypt and an impairment charge of $86m.
Petroceltic also announced a proposal today to issue up to $175m three year secured bond in line with its long term strategy.
The company's chairman Robert Adair said that its exploration results were challenging last year.
He said the group's losses for last year reflected a write-off of unsuccessful exploration and an impairment charge to reduce the carrying value of producing oil and gas assets.
"In light of this and the current industry climate, the group has de-emphasised certain exploration initiatives and is focusing its strategy on its core development and producing assets in order to generate greater value for shareholders," he added.
