Algeria : Petroceltic postpones listing to complete Isarene permit deal
May 17 (Reuters) - Petroceltic International Plc said it would postpone its move to the official lists of the London and Irish stock exchanges as it sought to complete a second-farm out agreement for the Isarene permit, Algeria.
Source : https://www.marocafrik.com/english/Algeria-Petroce...
Oil and gas exploration and production company, whose stock is currently listed on the London Stock Exchange's Alternative Investment Market (AIM), said it was close to reaching a binding agreement with a second farm-in partner for divesting a further 18.37 percent interest in the Isarene permit.
The Algerian permit contains the Ain Tsila gas and condensate field.
The Dublin headquartered company said the process was "substantially" complete but subject to regulatory approvals which could take several months.
Chief Executive Brian O'Cathain said the farm-out agreement was a major commercial milestone for Petroceltic and that it was prudent for the company to give the deal priority over the listing at this time.
Petroceltic's shares closed at 6.6 pence on the London Stock Exchange on Thursday.
The Algerian permit contains the Ain Tsila gas and condensate field.
The Dublin headquartered company said the process was "substantially" complete but subject to regulatory approvals which could take several months.
Chief Executive Brian O'Cathain said the farm-out agreement was a major commercial milestone for Petroceltic and that it was prudent for the company to give the deal priority over the listing at this time.
Petroceltic's shares closed at 6.6 pence on the London Stock Exchange on Thursday.
Source : https://www.marocafrik.com/english/Algeria-Petroce...