Junior energy firm Petroceltic International announced Tuesday that it has sold the entire share capital of Petroceltic Romania to GVC Investment, leaving the company with no remaining interests in Romania.
Petroceltic Romania holds the interests in Petroceltic International’s two licenses in Romania, Block 27 Muridava and Block 28 Est Cobalcescu. On June 12, 2015, Midia Resources transferred its 47 percent interest in Block 27 Muridava to Petroceltic Romania and Beach Petroleum transferred its 30 percent interest in Block 28 Est Cobalcescu to the company.
Petroceltic CEO Brian O’Cathain commented in a company statement:
“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 We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy”.
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