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Petroceltic revenue for six months $38 million

Staff writer |
Petroceltic International announced its results for the six month period ended June 30 2015. Revenue for the period was $38m (June 2014: $96m) primarily from production in Egypt of $29m and Bulgaria of $9m.

The decrease in revenue is a result of lower production in Egypt and Bulgaria and the decreases in oil and gas pricing.

The loss for the period to 30 June 2015 was $27m, down from $57m in the comparable period in 2014, principally due to a significantly lower exploration write-off.

Administrative expenses were $15m (June 2014: $14m) and included approximately $3m of one-off costs related to corporate restructuring which delivered a significant reduction in headcount during the period and will result in material cost reductions in future periods.

Finance expense amounted to $11m (June 2014: $10m) while the income tax expense of $4m (June 2014: $9m) was primarily related to Egyptian production.

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