Petroceltic International said it plans to take a step back from certain exploration projects as oil prices remain low.
The company plans to focus on improving volumes and costs at its core production assets instead.
Petroceltic said the current climate would have a limited impact on its daily business as a large chunk of the gas it produces would be sold under Egyptianfixed-price contracts or contracts that were linked to the cross-price of gas into Bulgaria from Russia.
The company expected to produce 16.5-18.5 million barrels of oil equivalent per day this year.
It also said the weakness in oil prices would help it attract competitive bids for a contract to help it bring its flagship Ain Tsila project on board.
It estimates first gas production from the Algerian asset in 2018.
Petroceltic’s is currently embroiled in an ongoing dispute with its largest shareholder.
Worldview Capital Management earlier this month called for an extraordinary shareholder meeting to oust Chief Executive Brian O’Cathain, holding him responsible for “a series of strategic and corporate governance failures” last year.