Ireland-based exploration firm Petroceltic is focusing its attention on Egypt after two offshore block awards were recently ratified.
The firm said during 2014, formal award of the offshore North Thekah block was awarded and, more recently, the North Port Fouad Block award was also ratified. North Port Fouad lies immediately to the north of North Thekah.
Petrolceltic also had onshore blocks ratified, increasing its total Egypt acreage by 300%.
As part of its 2015 spending, the firm will include seismic data acquisition over the North Thekah license. Tenders are currently being evaluated.
Petroceltic's increased focus on Egypt comes as the Egyptian government reduced its receivables owed to Petrolceltic by 35% to $53 million (2013: $81 million) during 2014.
