North Africa and Mediterranean-focused Petroceltic International reported Friday that it is close farming out a further 18.375-percent interest in its Isarene Permit, onshore Algeria. The Isarene Pemit contains the Ain Tsila gas and condensate field.
Petroceltic said the farm-out process is "substantially complete", but is still subject to partner and regulatory approvals that could take several months. The firm also said that it would be seeking to complete the farm-out prior to it transferring its shares to the official lists of the UK Listing Authority and the Irish Stock Exchange in order to make the farm-out process smoother.
Petroceltic Chief Executive Brian O'Cathain commented in a statement:
"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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