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.