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Monday, May 20, 2013
Petroceltic International updated the farm-out process of an equity interest in Algeria’s Isarene permit and also on the proposed share consolidation and introduction to the Official Lists of the UK Listing Authority and Irish Stock Exchange and to trading on their respective Main Markets.
The company reported it is close to reaching a binding agreement with a second farm-in partner for the divestment of a further 18.375% interest in the Isarene Permit, which contains the Ain Tsila gas and condensate field. The process is substantially complete, but is still subject to partner and regulatory approvals which could take several months.
Petroceltic said that during these discussions it became evident that the Algerian regulatory approvals process and completion of the farm out could be impacted by the additional documentation and shareholder approval requirements for Petroceltic which would be required following its listing. In consultation with, and at the request of, the potential farm-in partner, the company has decided that it is in shareholders’ interests to seek to complete the farm out prior to the listing. Accordingly, the company intends to postpone the listing to allow the regulatory process in Algeria to proceed. Further details on the farm-out will be provided in due course as appropriate upon the regulatory and farm-out processes being completed.
The company will complete the listing at the earliest practicable date. In the meantime, the company intends to proceed with its proposed share consolidation as announced although it will no longer proceed with the restructuring through the Scheme of Arrangement at this time. All other resolutions at the company’s forthcoming Annual General Meeting on May 30 remain unaffected.
Brian O’Cathain, Petroceltic’s Chief Executive, commented: “The second Ain Tsila farm-out is a major commercial milestone for Petroceltic. The company’s decision to give it priority over the Listing at this time is a prudent measure to help ensure the farm-out moves forward smoothly in the months ahead. We are still fully committed to the listing.”
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