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.

Gulf Keystone to Exit Algeria

Gulf Keystone Petroleum Ltd, a London-listed oil and natural gas explorer, is currently evaluating exit options for its remaining interests in Block 126a (GKN and GKS oilfields under the Ferkane Permit). Continue reading here..