Petroceltic Says Iraqi Kurdistan, Egypt, Romania Wells Disappoint

Reuters

LONDON, May 30 (Reuters) - Independent oil and gas explorer Petroceltic said on Friday some of its latest drilling work in Iraqi Kurdistan, Egypt and Romania failed to produce significant volumes of oil or gas.

"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," said Brian O'Cathain, chief executive of Petroceltic.

The Dublin-listed energy company said it would now focus on exploring the Shireen-1 well in Iraqi Kurdistan where drilling is set to start in June and expected to last 150 days.

Petroceltic also said on Friday its proposed placing to raise $100 million was in the best interest of the company, responding to shareholder Worldview Capital Management who has condemned the placing.

(Reporting by Karolin Schaps, editing by William Hardy)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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