Petroceltic duo buy stakes

published 17 October 2011

Two directors at Petroceltic International have added to their holdings in the Irish oil company.

Chief executive Brian O'Cathain took 1m shares at 5.2p a time and now has 3.78m, about 0.16% of the company. Finance director Alan McGettigan took 1.12m shares at 5.3p a pop and now has 4.18m.

The share purchases come soon after Petroceltic said it has managed to get more gas flowing out of its AT-8 well on the Ain Tsila discovery in Algeria through a process called fracture stimulation, which creates a crack in the rock that allows trapped gas to escape.