Petroceltic ‘disappointed’ by drilling campaign

Share this article
Have your say

Oil and gas explorer Petroceltic today reported “disappointing” results from its drilling efforts in Egypt, Kurdistan and Romania as it defended its planned $100 million (£60m) fundraising.

The firm, which merged with Edinburgh’s Melrose Resources in 2012, said it has now turned its hopes on its Shireen-1 well in Kurdistan after the setbacks.

Chief executive Brian O’Cathain said: “The outcome of these exploration wells is disappointing but does provide a significant amount of information that will greatly help decision making around future activity on these licences.”

The update came as Petroceltic insisted its $100m placing, which has been criticised by major investor Worldview Capital Management, was in the “best interests of the company and its shareholders”.