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).

Petroceltic has planned 10 firm wells over the year in Egypt, Bulgaria, Romania and Kurdistan.

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