Petroceltic completes exit from Egyptian licences

Petroceltic continued its refocus on Algeria on Thursday, announcing the completion of the sale of certain exploration licences in Egypt to its joint venture partner Edison International.

The AIM-traded oil and gas exploration and production company had initially announced the sale plans on 23 December, for a cash consideration of $9.5m (£6.62m) after working capital adjustments of $5.8m.

Following government approvals, and the waiver of pre-emption rights held by the Egyptian Natural Gas Holding Company, the transaction was now formally completed and funds had been received.

"This sale continues our strategic initiative, announced in early 2015, to focus the company on the Ain Tsila development in Algeria," said Petroceltic chief executive Brian O'Cathain.