Petroceltic International today reported a loss of $2.12 million, or 20 cents a share, for the first half of the year.
Revenue at the Dublin-based oil and gas company fell 61 per cent to $125,000. The company, whose shares have risen fivefold this year, saw a loss of $1.94 million, or 26 cents a share, a year earlier.
The results come as it reported a "significant" discovery in Algeria. Drilling at the AT-1 well in Algeria's Isarene permit found 85 metres of gas bearing sandstone, the company said.
"Algerian drilling operations are now well under way and initial results confirm the significant commercial potential of the permit," chief executive Brian O'Cathain said in a statement.
The company, which also operates in Tunisia and Italy, had $81 million in cash as of June 30th.
In a briefing note, Davy said Petroceltic, having raised funds, was now "very well positioned" to pursue its current activities.