Petroceltic International plc has completed the sale of the North Thekah, North Port Fouad and South Idku exploration licenses in Egypt to its joint venture partner Edison International S.p.A, for a cash consideration of $9.5 million.
Following government approvals and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company, the transaction has now formally completed and funds have been received. The company first announced that it had reached an agreement to sell the licenses to Edison in December last year.
Commenting on the transaction, Petroceltic Chief Executive Brian O’Cathain said in a company statement:
“This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria.”
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