Monday, September 09 16:40:39
Irish exploration firm Petroceltic International saw its Pre-tax losses grow to (E3.79 million) in the first half of the year. This is compared to a loss of E2.4 million in the same period last year.
Chief Executive Brian O'Cathain said. "From an operational perspective, the business performed largely in line with expectations, despite occasionally challenging conditions and political transition in some of our areas of operation,"
"We are now entering a period of potentially transformational exploration activity with high impact drilling campaigns in Kurdistan and Romania," he said.
The exploration firm has secured E380 million in refinancing in a deal led by HSBC and the IF, replacing a E228 million provided to the firm last year to support the take-over of Melrose Resources.
This loan can be drawn down to support existing business and potential acquisitions has a maximum term of seven years.
Petroceltic has forecast a production range of 24 to 25.5 thousand barrels of oil equivalents per day for 2013.