LONDON (Thomson Financial) - Petroceltic International Plc. said it has
entered into a strategic alliance and financing arrangements with Iberdrola S.A.
to develop its oil and gas assets in North Africa and Italy as it announced a
narrower full-year pretax loss.
The company said Iberdrola will invest $55 million cash in the company
through a placing of 215.8 million shares at 13 pence each, giving Iberdrola a
22.64 per cent stake in Petroceltic.
Petroceltic said funds will be used to intensify and accelerate the work
programme across its existing portfolio, particularly in Algeria.
Petroceltic has also granted Iberdola a financing option to acquire a 49
percent in any asset from its existing portfolio for a further $55m cash.
Meanwhile, the oil and gas explorer said its pretax loss for the year to
end-December narrowed to $2.46 million from $4.69 million, while revenues
declined to $549,000 from $1.26 million.
The company added it is confident of significant value uplift in near
future.
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