Petroleum Africa
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Sunday, January 3, 2016
Following the launch of a strategic review Petroceltic has decided to exit some of its interests in the Mediterranean region. In Egypt the company reached an agreement to sell its interests in the North Thekah, North Port Fouad, and South Idku exploration licenses to its JV partner Edison International S.p.A. Petroceltic will receive a cash consideration of $9.5 million, after working capital adjustments of approximately $5.8 million.
The sale to Edison is subject to the receipt of government approvals and the waiver of pre-emption rights held by EGAS. Petroceltic expects the deal to be completed in Q1.
The exiting of these exploration assets will reduce the company’s exploration expenditure obligations in 2016 by approximately $20 million.
Petroceltic has also concluded negotiations to exit its interest in the Patraikos license offshore Greece, by transferring its interest to its JV partners.
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