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Petroceltic announce Algeria farmout update


Published Feb 14, 2014
Petroceltic International plc

Petroceltic International is pleased to announce the agreed sale of an 18.375% interest in the Isarene Production Sharing Contract (PSC), which includes the world class Ain Tsila gas condensate discovery, onshore Algeria, to Sonatrach, the Algerian National Company for Hydrocarbons.

The assignment has been effected by way of a sale and purchase agreement, under which Sonatrach will acquire an 18.375% interest in the Isarene PSC covering Blocks 228 and 229a. The amendment to the Isarene PSC (or 'Avenant') required to give effect to the transfer was signed by Sonatrach, Petroceltic and Enel at a ceremony in Algiers on 12 February 2014.

Tags: Petroceltic International plc




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