PETROCELTIC, the Irish based exploration company, has become involved in its first overseas ventures, in Australia and west Africa.

The company has acquired a 7.5 per cent interest in an off shore exploration permit off Western Australia. The project is being spearheaded by Seafield Resources, a listed British independent company.

An exploration well to evaluate one of the prospects will begin in August.

Petroceltic has also signed an "area of mutual interest" agreement with Seafield Resources covering the offshore of four west African countries the Ivory Coast, Ghana, Togo and Benin.

Under the agreement, applications for a licence will be made on a 50/50 basis and costs shared.

Petroceltic managing director, Mr John Craven, said that, given the limited opportunities in Ireland, the company must look for new opportunities which can offer quality prospects.

He felt the west Africa and Australian projects met this criteria.

Petroceltic should be able to reveal more at its September a.g.m.

He was satisfied with the company's royalties from its involvement with Marathon in the west Kinsale gasfield. Oil prices would mean higher as rices and he was confident that income from Kinsale would continue well into the next century.

Royalty income from the Kinsale field exceeded £394,000 last year. The company also managed to reduce administrative expenses by £47,000 in the year to March 31st last.

Pre-tax losses were reduced to £9,786 from £38,980 the previous year. The company spent £288,000 on exploration and now has cash resources of £1.146 million. This was helped by placing 800,000 new, shares last September which raised £280,000. Long term debt is now £600,000.