Petroceltic delays listing to finish Isarene permit deal

Friday 17 May 2013 17.51
Petroceltic says farm-out deal is a major commercial milestone for the company
Petroceltic says farm-out deal is a major commercial milestone for the company

Petroceltic International said it would postpone its move to the official lists of the London and Irish stock exchanges as it sought to complete a second-farm out agreement for the Isarene permit in Algeria.

The oil and gas exploration and production company's stock is currently listed on the London Stock Exchange's Alternative Investment Market (AIM).

It said it was close to reaching a binding agreement with a second farm-in partner for divesting a further 18.37% interest in the Isarene permit.

The Algerian permit contains the Ain Tsila gas and condensate field.

The Dublin headquartered company said the process was "substantially" complete but subject to regulatory approvals which could take several months.

Chief executive Brian O'Cathain said the farm-out agreement was a major commercial milestone for Petroceltic and that it was prudent for the company to give the deal priority over the listing at this time.

''We are still fully committed to the listing,'' he added.