Petroceltic Sells Egyptian Licenses to Edison

Petroceltic International plc has completed the sale of the North Thekah, North Port Fouad and South Idku exploration licenses in Egypt to its joint venture partner Edison International S.p.A, for a cash consideration of $9.5 million.

Following government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company, the transaction has now formally completed and funds have been received. The company first announced that it had reached an agreement to sell the licenses to Edison in December last year.

Commenting on the transaction, Petroceltic Chief Executive Brian O’Cathain said in a company statement:

“This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  PETRONAS Awards SK410B PSC Offshore Ma... (Jul 22)
 -  LTHE-ECS JV Bags $1.6B EPCI Deal from ... (Jul 22)
 -  NauticAWT, ENRA Sets Up JV to Tap Busi... (Jul 22)
 -  Australia's Santos Post 2Q 2016 Sales ... (Jul 22)
 -  Total Signs Agreement to Supply LNG to... (Jul 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Manager - Saybolt
Expertise: Executive|Operations Management|Surveying
Location: Linden, NJ
 
Manager of Financial Planning and Analysis
Expertise: Executive|Financial Analyst|Financial Audit
Location: Florida, United States
 
Project Manager - Gas Distribution
Expertise: Project Management
Location: California, United States, CA
 
search for more jobs

Brent Crude Oil : $46.2/BBL 2.05%
Light Crude Oil : $44.75/BBL 0.42%
Natural Gas : $2.69/MMBtu 1.50%
Updated in last 24 hours