Petroleum Africa
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Wednesday, July 9, 2014
Petroceltic International completed the sale of its 18.375% interest in the Isarene PSC in Algeria to the state-owned oil and gas company Sonatrach, leaving the Irish firm as operator with a 38.25% interest.
Under the terms of agreement will have Sonatrach providing up to $180 million including a $20-million payment on the completion of the transaction. A further $140 million of Petroceltic’s share of the Ain Tsila project development cost will also be made. And contingent payments of up to $20 million will be made based on the achievement of certain project achievements.
Petroceltic CEO Brian O’Cathain said, “As development operations ramp-up, we look forward to continuing to work with Sonatrach and Enel to deliver the Ain Tsila Project and to maximize the value of this important national resource for Algeria.”
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