April 22, 2013 / 7:36 AM / 6 years ago

Petroceltic reports oper profit on Melrose Resources buy

April 22 (Reuters) - Irish oil and gas company Petroceltic International Plc reported an operating profit helped by the producing assets of recently acquired Melrose Resources.

Petroceltic bought Melrose for 165 million pounds (about $260 million) in August to strengthen its operations in North Africa and the Black Sea.

It banks on Melrose’s producing assets in Egypt and Bulgaria until its own assets in Algeria start production in 2017.

The company reported an operating profit of $4.0 million before exploration costs in the year ended Dec. 31 compared with a loss of $6.4 million a year earlier.

Full-year pro-forma production was 28,400 barrels of oil equivalent per day (boepd). Revenue rose to $59.4 million.

The company, which focuses on the Middle East and North Africa region, the Mediterranean basin and the Black Sea, had said in January that it expects 2013 production to be 25,000 to 27,000 boepd.

Petroceltic shares were trading up 3.17 percent at 6.5 pence at 0735 GMT on Monday on the London Stock Exchange.

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