Receipt of Enel Funds and Repayment of Loan

Source: www.gulfoilandgas.com 2/14/2012, Location: Africa

Petroceltic International plc, the upstream oil and gas exploration and production company focused on North Africa, the Middle East and the Mediterranean, is pleased to announce that funds falling due upon completion of its sale of an 18.375% interest in the Isarene Production Sharing Contract to Enel Trade SpA (Enel) have been received. The amount received, which was in excess of $100 million, has been partly applied to the repayment of all amounts owing to Macquarie Bank Limited under the $30 million bridge facility negotiated in October 2011.

Further contingent consideration amounts may become payable to Petroceltic upon approval of the Declaration of Commerciality by the Algerian authorities, which is expected later in 2012.

Post-completion, Petroceltic operates the permit with a 56.625 % interest, Sonatrach maintains a 25% interest, and Enel holds an 18.375% interest.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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