Petroceltic hires bankers for strategic review
Irish oil producer Petroceltic has hired bankers to conduct a strategic review, including a sale, after tumbling oil prices hurt its business.
The company said it had appointed Bank of America Merrill Lynch and Davy Corporate Finance to begin talks with potential buyers.
Petroceltic also said it would sell its interests in projects in Egypt and Greece, and its creditors had agreed to waive some debt repayment obligations.
Since the announcement of the Group’s 2015 Half Year Results on 30 September, production and development have continued in accordance with expectations, and the company said it expects full year production to be in line with earlier guidance.
Petroceltic International is an Irish oil and gas exploration and production company. Based in Dublin, it has operations in North Africa, the Mediterranean Basin and the Black Sea.
