Petroceltic International forecasts strong year ahead
Oil and gas exploration company Petroceltic International on Monday announced a positive performance outlook for 2013 following a year of strong cash flows.
Oil and gas exploration company Petroceltic International on Monday announced a positive performance outlook for 2013 following a year of strong cash flows.
The business - which focuses on North Africa, the Mediterranean and Black Sea regions - said production was in line with its guidance last year and expected 2013 output in the range of 25.0 to 27.0 million barrels of oil equivalent per day (mboepd).
Petroceltic has planned 10 firm wells over the year in Egypt, Bulgaria, Romania and Kurdistan.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The wells include the completion of the Kaliakra discovery in Bulgaria and four development wells in Egypt.
Its Ain Tsila gas project will move into 30-year development and exploitation phase following approval from Algeria's Alnaft last December.
The company will also upgrade production facilities on West Dikirnis and West Khilala fields in Egypt.
Brian O'Cathain , Chief Executive of Petroceltic, said: "We anticipate an exciting year ahead, with a sustained exploration drilling program which offers exposure to a diversified portfolio of prospects including the company's first well in Kurdistan."
At 10:00 Monday shares were up 0.14% to 7.01p.
RD
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published