Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Petroceltic International completes Egypt asset sale

A strategic review process, which kicked off in December, effectively put the company and its asset up for sale.
Petroceltic International completes Egypt asset sale
The cash injection comes a day before waivers on debt repayments expire.

Petroceltic International (LON:PCI) has confirmed it has completed the sale of exploration licences in Egypt to Edison International.

Edison, an Italian oil and gas group, was Petroceltic’s joint venture partner in the projects and it has paid US$9.5mln in cash for its interests. The deal was announced in December. The deal has now completed, following approval by the Egyptian authorities.

"This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria,” said Brian O’Cathain, Petroceltic chief executive.

A strategic review process, which kicked off in December, effectively put the company and its asset up for sale.

The company is currently facing uncertainty over its financial future, given it has some US$218mln of debt outstanding and it has struggled to secure a refinancing on acceptable terms. Its lenders recently offered a waiver in regards debt repayment, though those waivers currently run out tomorrow.

In December, Petroceltic told investors that it had US$28.1mln (the equivalent US$24.6mln of that was in local currency and not readily convertible).

Jamie_55a91591db06b.jpg
Why Invest In Petroceltic International PLC? Read More Here

Register here to be notified of future PCI Company articles
View full PCI profile

Petroceltic International PLC Timeline

Related Articles

oilOnshore_5644486f291f4.jpg
November 12 2015
“Companies are cutting capital investment, but they are still also spending money,” reports chief executive Steve Snead.
oilAmerica.jpg
November 12 2015
Rose, on an enterprise value (market cap, minus cash) of just £1.2mln, must be one of the more ludicrous examples of psychology driving the sector.
oil barrels and an oil rig
August 18 2016
The oil and gas firm says it is “delighted” after having received its first payment for the gas supplied to the Tanzania Petroleum Development Corporation

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.