Petroceltic International PLC Completion of Sale of Egypt Exploration Interests (3927P)
February 18 2016 - 1:00AM
UK Regulatory
TIDMPCI
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
END
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