Petroceltic to Optimize Development Offshore Italy
Petroceltic has conditionally raised gross proceeds of approximately US $120.5 million by way of a conditional placing of 635,294,000 new Ordinary Share. The Placing was arranged by Mirabaud and Davy.
- Placing to raise US $120.5 million from both existing and new institutional shareholders
- Proceeds to be used to support the Company's appraisal program in Algeria and to fund proposed drilling activities in Italy and for general corporate purposes
- Six well drilling program across three countries to commence in second half of 2010
Brian O'Cathain, Chief Executive of Petroceltic commented, "Petroceltic is embarking on a six well drilling program in the second half of 2010 across all areas of operations, with appraisal wells in Italy and Algeria, and exploration wells onshore Tunisia. This placing will fund the appraisal program to optimize development plans for our major discoveries on the Isarene permit in Algeria. It also facilitates the drilling of a further well to determine the quality and extent of the oil discovery on the Elsa field in the Adriatic offshore Italy. We were particularly pleased that the placing was oversubscribed, despite the difficult market conditions, and we would like to thank our existing and new shareholders for their support."
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