Petroceltic Struggles To Bridge Funding Gap
Falling oil prices have hit North Africa-focused independents hard. For Ireland’s Petroceltic a lot now rides on its core Algeria project proceeding like clockwork.
The business model of London-listed Petroceltic relies on using ongoing Egyptian production revenue to finance development at its key 2.1 tcf Ain Tsila gas field in Algeria.
But the firm’s Egyptian production fell sharply last year. And it is set to fall...