25 May 2012

Petroceltic in £37m placing

13/05/2011 Robert Tyerman

Algeria-focused Petroceltic International has successfully completed the £37 million placing at 10.5p launched yesterday to fund new drilling. Investment group Merrrill Lynch, J&E Davy and Mirabaud securities handled the placing, which represents 17 per cent of Dublin-based Petroceltic's capital.

The AIM-quoted company, steered by chief executive Brian O'Cathain, says it will use some of the placing proceeds to  advance drilling and appraisal at the Isarene oil and gas permit in Algeria. Italian electricity utility Enel has bought an 18.375 per cent interest in this project in return for paying $36.75 million (£23 million) towards back costs of the project, up to £145 million to fund the first six appraisal wells and another sum, up to a maximum $75 million, dependant on the volume of recoverable reserves identified in next year's Final Discovery Report.

In addition, some of the placing money will go towards drilling at Petroceltic's Rovasenda prospect in Italy and some towards new ventures. Petroceltic's shares, which have traded between 8p and 15.5p over the past 12 months, now stand at 10.75p, down 0.5p this morning, and value the company at £215 million, which seems a somewhat grudging rating unless you agree with the increasingly vocal commodity bears.  

Tags: AIM market, Algeria, Brian O'Cathain, Enel SpA, Italy, Oil & Gas

Sector: Oil & Gas Producers

Companies: Petroceltic

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