Petroceltic Intl Withdraws from Romania, Sells Unit to GVC Investment

Irish oil and gasgroup Petroceltic International said on Tuesday ithas no remaininginterests in Romania after sellingits subsidiaryPetroceltic Romania B.V.to GVC Investment B.V.

"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,"Petroceltic CEOBrian O’Cathain was quoted as saying in a company statement.

On June 12, Midia Resources SRL, a wholly-owned subsidiary of Sterling Resources, transferred its 40% interest in Block 27 Muridavato Petroceltic Romania B.V.At the same time,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.Romania'sNational Agency for Mineral Resources has approved these transactions.

Simultaneously, Petroceltic sold 100% 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 withconsiderable oil and gas assets in the area, the statement added.

Petroceltic International plc is an upstream oil and gas exploration and production company, focused on the Middle East, North Africa and the Mediterranean Region.

Source: SeeNews