The new Petroceltic management team, under the leadership of Dr Donald Wolcott, has implemented a top to bottom review of the company’s assets and approach to operations. As a result of this review, through the application of leading edge production methods, Petroceltic has achieved a doubling of production in the last six months, with further upside expected in the near, medium and long term as we progress world class assets in Egypt, Bulgaria and Algeria.
The company has been transformed from heavily loss making to profitable in under six months as a result of the production increases and improved operational efficiencies. Petroceltic’s strong financial platform allows us to invest in the people and places in which we operate and to progress the development of our high performance assets.
Petroceltic’s corporate structure has been streamlined since its delisting. The company has reduced head office G&A in London, Edinburgh and Dublin, with investment now better deployed in the countries in which we operate. This material improvement in the stewarding of capital has resulted in increased production, lower cost operations and value creation for all stakeholders.