Business Irish

Saturday 20 September 2014

Petroceltic completes $180m Algerian farm down

Published 08/07/2014 | 07:19

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Brian O'Cathain, CEO of Petroceltic International Plc. Picture Paul Sharp
Brian O'Cathain, CEO of Petroceltic International Plc. Picture Paul Sharp

OIL and gas exploration firm Petroceltic has completed the sale of an 18.375pc interest in the Isarene PSC to Sonatrach, the National Oil and Gas Company of Algeria for $180m.

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The deal was a sale and purchase agreement up to a maximum amount of $180m.

The consideration comprises US$20m payment on this completion of the transaction, a further $140m payment of Petroceltic’s share of Ain Tsila project development cost from the effective date of 4 July 2013, and contingent payments of up to US$20m based on the achievement of certain project related milestones.

 

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