Petroceltic completes $180m Algerian farm down
Published 08/07/2014 | 07:19
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.
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.