16th Jun 2015 08:01
LONDON (Alliance News) - Petroceltic International PLC Tuesday said it has now sold its Romanian subsidiary, part of its efforts to exit high-risk exploration ventures to focus on exploration in Egypt and Italy.
The company sold the entire share capital of Petroceltic Romania BV, which holds the interests in the Company's two licences in Romania, to GVC Investment BV, a private limited company which has considerable oil and gas assets in the area.
That deal came after Sterling Resources transferred its 40% interest in one of those licenses to Petroceltic and Beach Energy transferred its 30% interest in the other licence to Petroceltic.
"This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures. We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy," Petroceltic Chief Executive Brain O'Cathain said.
It didn't provide any financial details about the transaction. The price is believed to be immaterial, but the deal frees Petroceltic up from further development costs in the country, according to The Irish Times.
Petroceltic shares were up 0.4% at 116.50 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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