Petroceltic International yesterday said its operating loss widened to $6.1 million (€4.6 million) last year, from $3.7 million in 2008, mainly due to higher administrative costs.

The oil and gas exploration company focused on the Middle East-North Africa (MENA) and Mediterranean region said the loss was due to expenses resulting from increased exploration and appraisal activity.

Cash and cash equivalents at year end were $33.7 million, with no bank debt according to the company. This followed the successful share placing last June, which raised gross proceeds of $43.4 million.

Since year end, a further share placing has raised additional gross funds of $120.5 million.