Petroceltic International provides an operational update and guidance for its 2015 production outlook and exploration and development work programme.

Highlights

•2014 production at the top end of guidance range at 22.6 Mboepd; 2015 forecast production range of 16.5 to 18.5 Mboepd •Significant progress on the Ain Tsila project in Algeria; Front End Engineering and Design and Gas Sales contracts awarded; EPC contract award expected late 2015/early 2016 •Operational delays on Shireen exploration well in Kurdistan - forward options being reviewed •Egyptian receivable decreased by 35% in the year to $53 million (2013: $81 million) •Year-end net debt significantly reduced to $153 million (2013: $246 million) •2015 capital programme of $174 million, of which $80 million will be carried under the terms of the Algeria farm-out •Organisation being restructured to enhance focus on core assets, most notably Algeria and Egypt •North Port Fouad licence award offshore Nile Delta ratified in January 2015 •Capital Markets Day to be held on 28 January 2015

Tags: Petroceltic International plc