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Petroceltic Intnl (PCI)

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Thursday 18 February, 2016

Petroceltic Intnl

Completion of Sale of Egypt Exploration Interests

RNS Number : 3927P
Petroceltic International PLC
18 February 2016
 

 

Dublin

18 February 2016

Petroceltic International Plc

 

Completion of Sale of Egyptian exploration interests to Edison

Petroceltic International  plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company with licences in North Africa, the Mediterranean and Black Sea regions, today announces the completion of the  sale of  certain exploration licences in Egypt to its joint venture partner Edison International S.p.A ("Edison").

On 23 December, the Company announced that it had reached an agreement to sell its interests in the North Thekah, North Port Fouad and South Idku exploration licenses to Edison for a cash consideration of US$9.5 million, after working capital adjustments of approximately $5.8 million. Following Government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company ("EGAS"), the transaction has now formally completed and funds have been received.

Brian O'Cathain, Chief Executive of Petroceltic, commented:

"This sale continues our strategic initiative, announced in early 2015, to focus the Company on the Ain Tsila development in Algeria."

 

Ends

 

For further information, please contact:

 

Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300

James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500

Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300

John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363

 

The Directors of Petroceltic International plc accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

 

Notes to Editors:

 

Petroceltic International plc is a leading upstream oil and gas exploration and production company, focused on North Africa, the Mediterranean and Black Sea regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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