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.

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

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall to around £2,000, based on average typical use, for the first time since 2022. We have all the details.
31 Mar 2023
Best areas for buy-to-let in the UK
Buy to let

Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields
29 Mar 2023
The best one-year fixed savings accounts - March 2023
Savings

The best one-year fixed savings accounts - March 2023

Earn over 4% on one-year fixed savings accounts.
30 Mar 2023