Monday, February 6, 2012

Petroceltic sells 18.375% interest in Isarene block to Enel for $81M


Petroceltic International Plc has farmed out 18.375% interest in the Isarene Production Sharing Contract (Blocks 228 and 229a), onshore Algeria, to Enel Trade. Post transaction ownership structure in the block: Petroceltic (56.625%, operator), Enel (18.375%) and Sonatrach (25%).
This news should brood well for companies such as Gulf Keystone Petroleum Ltd who has also offered to exit from its operations in Algeria.

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