Petroceltic Gets OK to Sell Isarene Stake

摘要

Petroceltic International has won approval from the Council of Ministers for its sale of an 18.375% interest in the Isarene production sharing contract (PSC) to Enel Trade. Under terms of the deal, ENEL has agreed to pay up to $36.75-million to Petroceltic, which equates to 24.5% of all back costs incurred from signing of the PSC in 2005 until the end of the exploration period in April 2010; ENEL will fund 49% of the cost of the first six appraisal wells in an enlarged Isarene appraisal campaign and of a contingent additional well, of which costs are capped, in aggregate, at $145-million.