Disposal
December 15 2003 - 2:01AM
UK Regulatory
RNS Number:2391T
Petroceltic International PLC
14 December 2003
PETROCELTIC INTERNATIONAL PLC: DISPOSAL OF NON CORE ASSETS
Petroceltic raises US$2.25 million from Kazakhstan Mineral Royalty.
Funds to be used to accelerate oil and gas programme offshore Ireland and North
Africa.
Petroceltic International plc ("Petroceltic"), an AIM listed upstream oil and
gas company, announces that it has entered into a conditional agreement to
dispose of its residual mineral interest in the Shaimerden zinc oxide deposit in
Kazakhstan to JSC Kazzinc for a cash consideration of US$2.25 million. Kazzinc
is central Asia's largest zinc producing company. The deal is expected to close
by the end of January 2004.
The proceeds will be used to accelerate the hydrocarbon exploration and drilling
activity offshore Ireland and in North Africa and to exploit other opportunities
in Petroceltic's core oil and gas areas.
Brian Cusack, Chairman of Petroceltic, said:
"Over the last six months Petroceltic has refocused the Company and concentrated
on acquiring hydrocarbon interests with significant potential. During this
period, Petroceltic has, in conjunction with this transaction, realised over
US$3.9 million through the successful disposal of non-core interests and from an
equity placing.
"These funds are being used to build an exciting portfolio of hydrocarbon
interests in our core areas. The proceeds from this disposal allows us to bring
forward our work programmes so as to exploit more rapidly the full potential of
our oil and gas properties."
Contacts:
Petroceltic International plc Tel: +353 1 662 7993
Brian Cusack, Chairman Tel: +353 87 257 5476
brian.cusack@petroceltic.ie
John Craven, Managing Director Tel: +353 86 386 2076
john.craven@petroceltic.ie
Binns & Co PR Ltd Tel : +44 (0) 20 7786 9600
Paul McManus Mob: +44 (0) 7980 541 893
paul.mcmanus@binnspr.co.uk
Simpson PR
Ronnie Simpson Tel: +353 1 260 5300
Davy Stockbrokers
Des Carville Tel: +353 1 679 63 63
Notes to editors:
Petroceltic International plc is an upstream oil and gas company registered in
Ireland at 14 Upper Fitzwilliam Street, Dublin 2 and is quoted on the
Alternative Investment Market (AIM) of the London Stock Exchange.
The Company is now focused on natural gas exploration, development and
production in the Celtic Sea, offshore Ireland, where it has interests in the
Kinsale Gas Field and nearby blocks. Petroceltic is also in the final stages of
negotiating oil and gas licences in North Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
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