Petroceltic International on Thursday announced that it has finalized the sale of its exploration interests in Egypt to Edison International.

After successful approvals from the Government as well as the relinquishment of pre-emption rights held by the Egyptian Natural Gas Holding Company (EGAS), the deal has now being formally completed and funds have been received.

The company had announced in December 2015, that it entered into a deal to sell its interests in the North Thekah, North Port Fouad and South Idku exploration licenses to Edison for the sum of $9.5 million, due to a breach in the terms of its banking covenants.

“This sale continues our strategic initiative, announced in early 2015, to focus the Company on the Ain Tsila development in Algeria,” Brian O’Cathain, CEO of Petroceltic, told Business Post.

Anita Fatunji