Petroceltic ‘disappointed’ by drilling campaign

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.

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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”.