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.

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).

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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.

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