Algeria invests in Petroceltic field

Aim-listed Petroceltic’s shares rose over two per cent yesterday, after the Irish oil and gas explorer said that Sonatrach, the Algerian state oil company, plans to increase its stake in one of its exploration areas. The deal is worth up to $170m in payments and contributions towards development, providing the Isarene asset hits early production targets. “The decision by Sonatrach to exercise its pre-emptive right is a clear indication of the current value and long term upside potential of the Isarene asset [in Algeria],” said chief executive Brian O’Cathain.