Petroceltic today announced that it has received Presidential approval in Algeria for the Isarene permit area and hopes to set up appraisal wells in the latter part of this year.
The oil exploration company also posted a loss of €1.25 million for 2004. However, it also said that during last year it had tripled its cash resources to €21.6 million.
Brian Cusack, executive chairman, commented, "In a landmark year for the company the cash resources places us in a good position to exploit the very exciting opportunities we have developed."
John Craven, chief executive of Petroceltic International added, "Eighteen months ago Petroceltic had one exploration prospect. We now have a good portfolio of exciting prospects in four countries and I believe the company is in an excellent position to enhance shareholder returns in the future."