Petroceltic, whose shares began trading on Dublin's IEX earlier this month, yesterday delivered an improved set of first-half results and an upbeat outlook for the rest of the year.
The net loss for the six months to the end of June narrowed to $144,353, (€113,797), while revenue almost doubled to $610,000. In London, the shares were up over 11 per cent, while in Dublin they rose 17 per cent.
Petroceltic chief executive John Craven attributed the improvement to increased revenue from the Kinsale gas royalty, which has benefited from higher gas prices.
Gains were also made on foreign exchange and an increase in bank interest as a result of a healthier bank balance.
"The first six months has seen a substantial increase in the pace of development of our assets," said Mr Craven, adding that he is looking forward to what he described as a "sustained period" of exploration and development over the next six months. "We have exciting plans for 2006 and 2007 in Algeria and Italy and have the cash resources to finance these plans."
During the first half of the year, Petroceltic found gas at its first well in Algeria and has now applied for a licence to drill the well commercially. It plans to start drilling a second well next month.
Mr Craven denied a report saying that Petroceltic was in talks to sell a stake in one of its Algerian fields to BP, saying that, while the company wouldn't rule out setting up a partnership, it has enough funds to pursue activities itself.
