DUBLIN, Ireland – Petroceltic International (AIM: PCI) has exited the Romanian sector of the Black Sea.
Last week Midia Resources SRL, a subsidiary of Sterling Resources, transferred its 40% interest in block 27 Muridava to Petroceltic Romania, a wholly owned subsidiary of Petroceltic, and Beach Petroleum, and its 30% interest in block 28 Est Cobalcescu to Petroceltic Romania.
Romania’s National Agency for Mineral Resources (NAMR) approved both transfers.
Simultaneously, Petroceltic sold the entire share capital of Petroceltic Romania to private company GVC Investment B.V., which has other oil and gas assets in the area.
Brian O’Cathain, CEO of Petroceltic, said: “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.”