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Petroceltic taps bond markets

Irish oil and gas explorer Petroceltic, which yesterday launched a $175m bond issue to help fund its flagship $2bn project in Algeria, is expecting to launch a second, larger funding round late next year.

The Dublin-based company headed by Brian O'Cathain (below) yesterday announced that it had made a loss of $282m (€254m) for the year to the end of December, up from the loss of $19m the previous year, mainly due to exploration costs of $183m for unsuccessful wells.