Irish exploration group Petroceltic says it expects to fall short of production targets for the year after ongoing problems in Egypt.
The Dublin-based firm said the ongoing unrest in the country had only had a ‘limited impact’ on Petroceltic’s activities there, but production was down after interruptions at the South Batra gas plant.
Unlike other companies, it has continued to receve payments from the state-run Egyptian General Petroleum Company, and insisted it ‘is committed to long term investment’ in the country.
“While our overall receivable balance increased by approximately 9% during the first six months, the sale in early September 2013 of a part cargo on Petroceltic’s behalf clearly demonstrates that we are continuing to work with EGPC to ensure that the overall target of eliminating material arrears by late 2014 is achieved.”
Petroceltic chief executive Brian O’Cathain said the company was now looking forward to ‘potentially transformational’ activity as it prepared drilling in Kurdistan and Romania.
The company, which posted a $16million loss for the first six months of the year, wrote off $21million in exploration costs after unsuccessful wells in Egypt and Bulgaria.