Petroceltic International plc, the upstream oil and gas exploration and production company focused on Middle East, North Africa and the Mediterranean region is pleased to announce its Interim Results for the six months to 30th June 2011.
- Enel $100 million plus investment underscores scale and value of Ain Tsila discovery
- Enlarged Algeria appraisal programme in progress with further results due in September
- Entry to highly prospective blocks in Kurdistan Region of Iraq in partnership with Hess Corporation
- Transfer of operatorship of Carisio Permit in Western Po Valley to ENI
- Successful placing in May raised $60 million
- Strong cash position with balance of $90 million at 30th June 2011
- Current cash balance of $84 million and no debt
Commenting, Brian O'Cathain, Chief Executive, said: "Petroceltic's asset portfolio has been considerably strengthened over the last 12 months by the Ain Tsila appraisal programme, the $100 million plus farm-out to Enel and our country entry into the Kurdistan Region of Iraq. Algerian drilling operations will see at least three further well results and four test results completed in the next six months, and our objective is to maintain and exploit the momentum created in this world class discovery. Although stock market conditions in recent months have presented challenges to all companies, Petroceltic has the team, the assets and the funding to deliver our ambitious growth objectives and create significant value for our shareholders."