PCI Petroceltic

TIDMPCI

RNS Number : 2375Q

Petroceltic International PLC

16 June 2015

Dublin

16 June 2015

Petroceltic International Plc

Romania licences update

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on the Middle East, North Africa and the Mediterranean region, announces an update on the status of its licence interests in Romania.

On 12 June, Midia Resources SRL a wholly-owned subsidiary of Sterling Resources transferred its 40% interest in Block 27 Muridava, to Petroceltic Romania B.V., a wholly owned subsidiary of Petroceltic, and Beach Petroleum S.R.L. Company, a wholly-owned subsidiary of Beach Energy has also transferred its 30% interest in Block 28 Est Cobalcescu to Petroceltic Romania B.V.

Approval of the interest transfers has been received from the National Agency for Mineral Resources (NAMR) of Romania.

Simultaneously, Petroceltic has sold the entire share capital of Petroceltic Romania B.V. (which holds the interests in the Company's two licences in Romania, Block 27 Muridava and Block 28 Est Cobalcescu) to GVC Investment B.V., a private limited company, which has considerable oil and gas assets in the area.

Following these transactions, Petroceltic has no remaining interests in Romania.

Brian O'Cathain, CEO of Petroceltic, commented;

"This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures. We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy".

Ends

For further information, please contact:

   Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300 
   Philip Dennis / Rollo Crichton-Stuart, Bell Pottinger              Tel: +44 (20) 3772 2500 
   Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300 
   John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363 

John Naismith, Head of Technical, Petroceltic International plc, and the qualified person as defined in the AIM Note for Mining and Oil and Gas Companies June 2009, has reviewed and approved the technical information contained in this announcement. John holds an MSc in Petroleum Reservoir Engineering from Imperial College London. He has 27 years' experience in the oil and gas industry gained with Shell, Enterprise Oil, Canadian Natural Resources and Petroceltic. His experience includes reservoir engineering, integrated subsurface studies, asset management, commercial and operations.

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on the Middle East, North Africa and the Mediterranean Region, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAAKSFENSEAF

Petroceltic (LSE:PCI)
Historical Stock Chart
From Apr 2024 to May 2024

Petroceltic (LSE:PCI)
Historical Stock Chart
From May 2023 to May 2024