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Petroceltic provides update on Algeria farmout process


Published Oct 8, 2013
Petroceltic in Algeria

Petroceltic International confirms that it has received formal notification that Sonatrach, the Algerian State Oil Company, is exercising its right under the Isarene Production Sharing Contract (PSC) to pre-empt the Company's proposed sale of an 18.375% interest in the PSC.

The commercial terms and proceeds of pre-emption are similar to those agreed between the Company and a potential third party purchaser and comprise a $20 million payment on completion, a $140 million development carry and two contingent payments of $10 million each based on the achievement of certain early production and technical completion milestones. Following the completion of the transaction, Sonatrach will hold a 43.375% participating interest, Petroceltic will hold 38.25% and Enel will hold the remaining 18.375%. The transaction is not expected to have any impact on the overall timing for award of major contracts or initiation of detailed development activities.

Tags: Petroceltic International plc




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