Petroleum Africa
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Monday, February 22, 2016
Petroceltic International completed its sale of the North Thekah, North Port Fouad, and South Idku exploration licenses in Egypt to its JV partner Edison International. Under the transaction Petroceltic was to be paid a cash consideration of $9.5 million.
Following government approvals and the waiver of pre-emption rights held by EGAS, the transaction has now formally completed and funds have been received.
Commenting on the transaction, Petroceltic Chief Executive Brian O’Cathain said in a company statement: “This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria.”
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