August 12, 2010 / 1:07 PM / 8 years ago

UPDATE 1-Celtic Exploration Q2 FFO rises; raises FY10 FFO view

* Q2 FFO C$0.37/shr vs C$0.23/shr

* Sees FY10 FFO C$1.55/shr

* Sees FY10 earnings C$0.13/shr

Aug 12 (Reuters) - Canadian oil and natural gas exploration company Celtic Exploration Ltd CLT.TO posted a 71 percent increase in quarterly funds from operations (FFO), boosted by an increase in average daily production, and raised its full-year FFO forecast.

The company now expects full-year FFO of C$139 million, or C$1.55 a share, up from its previous view of FFO of C$132 million, or C$1.52 a share.

Celtic also raised its full-year earnings view to C$12 million, or 13 Canadian cents a share, from C$8 million.

Analysts on average expect the company to earn 16 Canadian cents a share for the year, according to Thomson Reuters I/B/E/S.

For the second quarter, Celtic recorded FFO of C$34.1 million, or 37 Canadian cents a share, up from C$20.0 million, or 23 Canadian cents a share last year.

Revenue, before royalties and realized and unrealized gains or losses on financial instruments, was C$57.2 million, up 87 percent from C$30.7 million last year. Revenue rose as a result of higher production volumes that more than offset lower realized oil prices.

Average daily production rose 65 percent to 18,029 barrels of oil equivalent (boe) per day.

The average price per boe in the quarter, after hedging, was $35.20, down 12 percent from last year.

Shares of the company, which have risen nearly 20 percent in the past three months, closed at C$12.25 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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