August 7, 2009 / 2:56 PM / in 8 years

UPDATE 1-Celtic Exploration posts narrower Q2 loss

* Q2 loss C$0.13 vs C$0.23 last year

* Revenue drops 62 pct

* Maintains 2009 capex budget at C$150 mln

* To end 2009 with production of about 16,700 BOE/d

Aug 7 (Reuters) - Canada’s Celtic Exploration Ltd CLT.TO posted a narrower second-quarter loss, helped by a moderate increase in production.

The oil and gas explorer reported a net loss of C$5.5 million ($5.11 million), or 13 Canadian cents a share, compared with C$9.1 million, or 23 Canadian cents, in the prior-year period.

Revenue fell 62 percent to C$30.7 million as lower commodity prices more than offset higher production levels.

Funds from operations totaled C$20.0 million, or 46 Canadian cents a share, compared with C$36.8 million, or 90 Canadian cents a share, in the year-ago period.

Production averaged 10,909 barrels of oil equivalent (BOE) per day, compared with 10,842 BOE per day last year.

Celtic said production would have been in excess of 14,000 BOE per day, had the company not been required to shut-in any production.

Production at the company’s KA gas plant was shut-in as a result of scheduled maintenance operations.

The company said it has maintained its planned 2009 capital expenditure budget of C$150.0 million, and said it expects to end 2009 with production of about 16,700 BOE per day.

Celtic shares, which have gained about 5 percent in a month, were trading down 2 percent at C$15.49 Friday on the Toronto Stock Exchange.

$1=1.077 Canadian Dollar Reporting by Krishna Chaithanya in Bangalore; Editing by Anne Pallivathuckal

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