Tag Archives | Petroceltic

€114m Write-Off Expected at Petroceltic

By John Lee. Analysts expect Dublin-based Petroceltic International to incur a write-off of just under €114 million ($125 million; 146 billion Iraqi dinars) as a result of abandoning its operations in Iraqi Kurdistan. According to a report from the Irish Independent, it is also expected to take a cash cost hit of about €6.4 million ($7 […]

Hess, Petroceltic Abandon Dinarta Licence

By John Lee. Irish-based Petroceltic International has announced that it and its partner Hess will abandon their Dinarta licence in the Kurdistan Region of Iraq. The company told the stock market: “As previously announced on 15 January, drilling operations on the Shireen-1 exploration well in the Dinarta licence (Hess … (Operator) 64%, Petroceltic 16%, and […]

Broker Tips Petroceltic

By John Lee. Shares in Petroceltic plc were trading up nearly 4 percent on Tuesday, following a positive note from a London-based broker. Peel Hunt analyst James Carmichael claims that near-term drilling in Iraqi Kurdistan could significantly increase Petroceltic’s resource base. Proactiveinvestors says the broker has a ‘buy’ recommendation and a 202p price target for […]

Petroceltic, Hess Reviewing Options at Shireen

By John Lee. Petroceltic International has given the following update this morning on its operations in the Kurdistan Region of Iraq: “Further to the temporary suspension announced on 11 August, drilling operations resumed at the Shireen exploration well on 2 October 2014. “Since recommencement, the well has encountered challenges with casing and cementing at high […]

BP Plans to Double Rumaila Production

By John Lee. The coming year will see BP expand drilling work and upgrades to equipment at the vast Rumaila oil field in southern Iraq, of which the company have a 50% stake. BP operate the field with PetroChina, Iraq’s South Oil Company and SOMO. This work is carried out under the umbrella of the […]

Petroceltic Shares Slump, CEO Increases Stake

By John Lee. Dragon Oil said on Monday that it was backing out of plans to make an offer of 230 pence a share for Irish operator Petroceltic, which has interests in Iraqi Kurdistan. Shares in Petroceltic closed down 35 percent at 112.45 pence on Monday, 50 percent below their recent peak. Chief Executive Brian […]

Petroceltic Shares Surge on Possible Offer

By John Lee. Shares in Irish-based Petroceltic International have risen more than 20 percent on Monday following the announcement of that the company is in detailed discussions regarding a possible offer to be made by Dragon Oil. With the support of the Board and management team of Petroceltic, Dragon Oil has completed an extensive confirmatory […]

Petroceltic Switches Focus to Dinarta

By John Lee. In its interim results on Wednesday, Petroceltic gave an update on its operations in Iraqi Kurdistan. The company, along with Hess (as operator) has been active in the Kurdistan Region since 2011 when the Shakrok and Dinarta blocks were awarded with Petroceltic holding a 16% interest in each. Activity for the first […]

Petroceltic: KRG Operations Update

By John Lee. Multinational oil and gas exploration and production firm Petroceltic International have announced an update for their ongoing operations in the Kurdish region of Iraq. They note that some precautions are being taken and the current crisis is being closely watched. The company also have operations across the Middle East-North Africa region (MENA) […]

Board Changes at Petroceltic

Further to the announcement by the Company on 16 June 2014, Petroceltic, the independent oil and gas exploration and production company focussed on the Middle East, North Africa, Mediterranean and Black Sea regions, today announces a number of changes to the Board of the Company with immediate effect. The Company welcomes Mr Don Wolcott and […]

Petroceltic Updates Operation, Shares Fall

By John Lee. Petroceltic International has issued an update on its operations including the following statement on its business in the Kurdistan Region of Iraq. The shares closed down 5.6 percent on Friday: The Shakrok-1 well on the Shakrok licence (Petroceltic 16%, Hess (Operator) 64% and the Kurdistan Regional Government 20%) reached its total depth […]

Petroceltic Gives Update on Operations

By John Lee. In its Preliminary Results Announcement on Friday, Petroceltic International has issued the following update on its operations in Iraqi Kurdistan: Kurdistan – material prospects in a dynamic region Petroceltic has been active in Kurdistan since 2011 and has worked closely with the operator, Hess, to undertake a comprehensive survey and analysis and […]