Executive chairman Brian O'Cathain told the Sunday Tribune that although it had advanced discussions with its joint venture partner, the deal still required the approval of Algerian state oil company, Sonatrach, and the Algerian government.

O'Cathain and the board faced considerable hostility from disgruntled small shareholders, many of whom are understood to have been inherited by Petroceltic from its reverse takeover of mining company Ennex in 2003.

At one point, O'Cathain was told by one shareholder to "just get on with it and bloody do it".

Another, referring to an image of oil flaring used at the start of the company's presentation, asked whether it symbolised the board's apparent tendency to give off "more heat than light".

A third shareholder complained of "pretty poor" shareholder returns.

"There's been no dividend and a number of changes to the board in the past year, " he said.

O'Cathain said that he could understand the shareholders' frustrations, particularly as the company's share price had dipped as low as 10p in recent weeks.

"I think it's natural when the share price has declined. We'd all prefer a higher number than 10p but there's clear value in the portfolio and I hope that when we get to accelerate some of the developments in hand, the share price will start moving in the right direction, " he said.

O'Cathain also said that the company was in discussions with Italian oil giant Eni on a potential joint venture that would see the two companies drill a well from the on-shore section of the Miglianico oil field to a potential off-shore extension held by Petroceltic.

O'Cathain said that he hoped to emulate the success of follow Irish exploration company Tullow Oil, which announced a massive oil find in Ghana in June of this year.

"We'd love to emulate Tullow and if Petroceltic could aspire to be the next Tullow, I'd be delighted. But don't forget Tullow has been in existence for over 20 years and it laboured in the wilderness for a while before they hit it big, " he said.