Ireland's Petroceltic reduces full-year production outlook on Egypt output
ReutersReuters--Irish oil and gas company Petroceltic International cut its production forecast for the full year due to lower-than-anticipated output in Egypt.
September 10, 2013, 12:04 am TWN
Petroceltic, which focuses on the Middle East and North Africa region, the Mediterranean basin and the Black Sea region, said it expected production to be between 24,500 barrels of oil per day (boepd) and 25,500 boepd in the year ending Dec. 31.
The company said in January that it expected 2013 production to be between 25,000 boepd and 27,000 boepd.
The company's pretax loss widened to US$5.29 million in the six months ending June 30, from US$3.2 million a year earlier.
Revenue rose to US$104 million from US$291,000 a year earlier.
Egypt, which is enduring the worst internal strife in its modern history since the army overthrew President Mohamed Mursi in early July, accounted for nearly 60 percent of Petroceltic's revenue.