OIL AND gas explorer Petroceltic hopes to add to its portfolio of licences over the next year. The company told shareholders at its annual general meeting in Dublin yesterday that it was continuing to explore opportunities to expand its existing portfolio in Algeria and Italy.

Speaking after the meeting, chief executive Brian O’Cathain said the company was looking at areas such as the Mediterranean, Africa and the Middle East.

The company also held an extraordinary general meeting at which shareholders approved a plan to raise a further $60 million through a placing of 350 million new shares.

The company recently agreed the sale to Italian operator Enel of a 18.4 per cent stake in its Isarene licence area in Algeria, which Petroceltic believes holds considerable quantities of natural gas. Yesterday it said it was likely to seek more partners to fund further development of the project in the future.

Its agm statement pointed out that it had raised $178 million in 2010 and 2011.

Mr O’Cathain told shareholders yesterday that the company had no further plans to raise more money, and pointed out that it had the cash it needed to fund its planned activities.

Petroceltic has another gas prospect at Ain Tsila, which is also in Algeria, as well as a number of properties in Italy.