Petroceltic (LSE:PCI)
Historical Stock Chart

From Apr 2019 to Apr 2024

TIDMPCI

RNS Number : 8111U

Petroceltic International PLC

03 August 2015

Dublin

3(rd) August 2015

Petroceltic International Plc

Update on contemplated Bond Issue

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions hereby provides an update on the Company's contemplated Bond Issue.

As announced on 29 June 2015, Petroceltic is contemplating issuing up to $175 million of Senior Secured Callable Bonds (the "Bond Issue"). Since then, the Company has engaged with a broad group of international institutional credit and industry investors to discuss their appetite to participate in the Bond Issue. The Company has received positive confirmation of its strategy and outlook, as well as the quality of the Company's interest in the Isarene Production Sharing Contract ("Isarene PSC") for credit investors.

The bond marketing period has however coincided with a time of volatile market conditions making it challenging to complete the Bond Issue on terms acceptable to the Company. More positively, this period has also coincided with the approval for the Company to transfer its interest in the Isarene PSC to a wholly-owned subsidiary company, Petroceltic Ain Tsila Limited, more quickly than originally anticipated (the "Transfer"). The completion of the Transfer, which is anticipated over the coming weeks, will provide investors with clarity and certainty on the security position of the Bond Issue at completion.

The Company has therefore decided to suspend formal marketing of the Bond Issue until completion of the Transfer, subject to satisfactory market conditions. In the meantime, the Company will continue discussions with selected potential investors.

Commenting on the update, Brian O'Cathain, CEO of Petroceltic said:

"The transfer of our interest in the Isarene PSC to a wholly owned subsidiary is a positive event. The Company continues to pursue its previously announced financing strategy which it believes is in the best interests of the Company and its shareholders as a whole."

Further announcements will be made as appropriate.

Ends

For further information, please contact:

   Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300 
   James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500 
   Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300 
   John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363 

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on North Africa the Mediterranean and Black Sea Regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPTMFTMBJMBLA