Saturday 24 March 2018

Petroceltic exits Romania, selling assets to GVC Investment

Petroceltic chief executive Brian O'Cathain
Petroceltic chief executive Brian O'Cathain

Oil producer Petroceltic International said it sold its Romanian unit to GVC Investment as it exits high-risk exploration ventures.

Petroceltic, which withdrew from Iraqi Kurdistan in March, said that its unit bought out the stakes of its partners Sterling Resources Ltd and Beach Energy Ltd in the Romanian fields before the sale to GVC.

Financial details of the transactions were not disclosed.


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