Petroceltic ‘disappointed’ by drilling campaign
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”.