reports
Flash note: Bank waiver extended
During 2015, the combination of adjustments to reserves (after a 2014 CPR), drop in oil prices and reduction in the capex programme reduced the availability of the senior bank facility and led to a requirement to make material repayments on the company’s loans. Petroceltic was not able to make these repayments and continues to seek ways to secure additional financing, create liquidity and/or reduce financial commitments. On 23 December, the company initiated a strategic review with a view to c...
Flash note: Massive ENI discovery close to PCI licence
There was good news for Petroceltic (PCI) over the weekend. ENI announced that it had made a 30tcf GIIP discovery offshore Egypt, the largest ever gas find in the Mediterranean. The discovery, Zohr, is in the corner of a block adjacent to the North Port Fouad (NPF) licence, which Petroceltic shares on a 50:50 basis with Edison (operator). Zohr is around 3.5km from the block boundary and, according to ENI, covers 100km2. It is therefore possible that the field encroaches into the PCI/Edison block...
Initiation: Creating value in Algeria through execution
Petroceltic (PCI) is an E&P with assets in Egypt, Bulgaria and Algeria, where it is developing its flagship gas project Ain Tsila. As producing fields in Egypt and Bulgaria decline and exploration is de-emphasised, the valuation proposition in PCI shifts steadily towards Algeria. The drilling contract for Ain Tsila was awarded in April and the project is on track to be sanctioned by end-2015 and start up in Q418. Ain Tsila is fully funded until Q216 thanks to Sonatrach’s carry. The June launch...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.