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Petroceltic's half yearly revenues lower due to falling oil prices

Petroceltic CEO Brian O'Cathain says company to focus on elivery from its core assets
Petroceltic CEO Brian O'Cathain says company to focus on elivery from its core assets

Exploration firm Petroceltic has reported revenues of $38m for the six months to the end of June, down from the $96m reported the same time last year due to lower production and falls in gas and oil prices.

Revenues of $29m came from its operations in Egypt while $9m came from its Bulgarian operations.

The loss for the six month period came to $27m, down from $57m the same time last year mainly due to a much lower exploration write-off.

The company said it had net debt of $184m and its capital expenditure for the six month period came to $29m compared to a figure of $68m for the first six months of last year.

It reported production of 15.7 million barrels of oil a day, which Petroceltic said was in line with its full year guidance. 

Petroceltic's chief executive Brian O'Cathain said the firm has remained focused on delivery from its core assets, despite a challenging sector and market environment.

He said the company's Ain Tsila gas development project in Algeria remains on track for first gas in 2018 and continues to be de-risked following the award of the rig contract and the invitation to tender for the engineering, procurement and construction process.

"Maintaining production levels in Egypt and Bulgaria remains a key objective and we are naturally encouraged by Eni’s recent discovery directly adjacent to our offshore acreage in Egypt," he added.