“Petroceltic has implemented a program to reduce business costs through a 40% reduction in head office costs and a 15% operating cost reduction in Egypt and Bulgaria,” the company said in a statement for shareholders, as a reply to the accusations related to business plans launched by Worldview Capital Management, the biggest shareholder of Petroceltic, with a 28% stake.
Petroceltic’s investments in 2015 will focus on production and development operations in Algeria, Egypt and Bulgaria, the release reads.
The company has production, exploration and development assets in Algeria, Egypt, Bulgaria, Romania, the Kurdistan Region of Iraq, Italy and Greece.
In Romania, Petroceltic, registered in Ireland, owns 40% of the commercial rights over blocks in Ex-28 Est Cobalcescu and Ex-27 Muridava in the Romanian Black Sea and operates exploration works in these perimeters, that stretch onto 2,000 square kilometers.
At the beginning of last year, Petroceltic announced an investment budget of $27 million for the Romanian perimeters, where it planned to drill three wells. The company got exploitation licenses for a three year-period in 2011, which may be extended by up to seven years.
The company estimated last year it would invest a total $100 million in the perimeters it operated.