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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).

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