Petroceltic International plc, 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.
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.”
(Petroceltic International plc Press Release)