Oil explorer Petroceltic International has raised $60 million after the completion of a share placing announced yesterday.

The placing involves 351,000,000 new ordinary shares which it hopes to trade on the AIM in LOndon and the ESM in Dublin. The placing is also conditional on the passing of a resolution at an extraordinary general meeting at the beginning of June.

The proceeds will fund activities in Italy and Algeria.

Trading is expected to begin around June 13th.