Petroceltic Completes Sale of Egyptian Exploration interests to Edison

AIM-listed Petroceltic International on Thursday announced the completion of sale of certain exploration licences in Egypt to its joint venture partner Edison International.

In December last year, the company announced that it had reached an agreement to sell its interests in the North Thekah, North Port Fouad and South Idku exploration licenses to Edison for a cash consideration of $9.5 million, after working capital adjustments of approx. $5.8 million.

Following government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company (EGAS), the transaction has now formally completed and funds have been received, the company stated.

“This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria,' Brian O’Cathain, Chief Executive of Petroceltic, commented.

North Thekah is located offshore the Nile Delta and potentially contains an extension of the Levantine Basin exploration play which has already yielded some giant discoveries in the region.

South Idku is located onshore the Nile Delta.