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

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021
Forget austerity – governments and central banks have no intention of cutting back
Global Economy

Forget austerity – governments and central banks have no intention of cutting back

Once the pandemic is over will we return to an era of austerity to pay for all the stimulus? Not likely, says John Stepek. The money will continue to …
15 Jan 2021
The MoneyWeek Podcast: bitcoin special
Bitcoin

The MoneyWeek Podcast: bitcoin special

Merryn talks to bitcoin experts Dominic Frisby and Charlie Morris to get the lowdown on the cryptocurrency to find out why it's such a huge global phe…
15 Jan 2021
Free 6 issue trial then continue to