Petroceltic withdraws from Romanian exploration activities

Petroceltic International  plc (AIM: PCI) (“Petroceltic” or the “Company”), the oil and gas exploration, development and production company focused on the Middle East, North Africa and the Mediterranean region, announces an update on the status of its licence interests in Romania.

On 12 June, Midia Resources SRL a wholly-owned subsidiary of Sterling Resources transferred its 40% interest in Block 27 Muridava, to Petroceltic Romania B.V., a wholly owned subsidiary of Petroceltic, and Beach Petroleum S.R.L. Company, a wholly-owned subsidiary of Beach Energy has also transferred its 30% interest in Block 28 Est Cobalcescu to Petroceltic Romania B.V.

Approval of the interest transfers has been received from the National Agency for Mineral Resources (NAMR) of Romania.

Simultaneously, Petroceltic has sold the entire share capital of Petroceltic Romania B.V. (which holds the interests in the Company’s two licences in Romania, Block 27 Muridava and Block 28 Est Cobalcescu) to GVC Investment B.V., a private limited company, which has considerable oil and gas assets in the area.

Following these transactions, Petroceltic has no remaining interests in Romania.

Brian O’Cathain, CEO of Petroceltic, commented;

“This concludes our involvement in the Romanian Black Sea. This process of disengagement forms part of our strategy to focus our efforts on our production and development assets, and to exit from high risk exploration ventures. We have now withdrawn from Romania and Kurdistan, and are focusing our future exploration efforts on Egypt and Italy”.

Source: petroceltic.com.