PCI.L Share News (PCI)

Shares of Irish oil and gas company Petroceltic came under pressure after it cut its full year production following lower than expected output in Egypt.The group, which is focused on the Middle East North Africa, the Mediterranean and the Black Sea, said it expected production to be between 24,500 barrels of oil per day (boepd) and 25,500 boepd in the year ending December 31st. "Although there has been no consistent or on-going disruption to the business, a number of separate factors caused Egyptian production to be slightly below anticipated levels in the first half," the company said in a statement on Monday.At the start of 2013, the group said it expected full year production to be between 25,000 boepd and 27,000 boepd. Current production is approximately 26,000 boepd.Petroceltic also said first half losses widened to $5.02m compared to a loss of $3.24m a year earlier. The group, which bought Melrose Resources in 2012 to boost operations in North Africa and the Black Sea region, said revenue rose to $104m from $291,000 a year earlier.Chief Executive Brian O'Cathain commented: "The first half of 2013 has been a period of solid operational delivery and significant financial and corporate progress. In particular, the successful conclusion of our refinancing and negotiation of a second farm-out for the Ain Tsila asset in Algeria clearly demonstrates the strength of the group's funding position and the quality of our asset base." "We are now entering a period of potentially transformational exploration activity with high impact drilling campaigns in Kurdistan and Romania".Shares of Petroceltic fell 0.66% to 150.00p at 09:00 in London.CJ