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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petroceltic | LSE:PCI | London | Ordinary Share | IE00BB0QZ876 | ORD EUR0.3125 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.495 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPCI
RNS Number : 8111U
Petroceltic International PLC
03 August 2015
Dublin
3(rd) August 2015
Petroceltic International Plc
Update on contemplated Bond Issue
Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions hereby provides an update on the Company's contemplated Bond Issue.
As announced on 29 June 2015, Petroceltic is contemplating issuing up to $175 million of Senior Secured Callable Bonds (the "Bond Issue"). Since then, the Company has engaged with a broad group of international institutional credit and industry investors to discuss their appetite to participate in the Bond Issue. The Company has received positive confirmation of its strategy and outlook, as well as the quality of the Company's interest in the Isarene Production Sharing Contract ("Isarene PSC") for credit investors.
The bond marketing period has however coincided with a time of volatile market conditions making it challenging to complete the Bond Issue on terms acceptable to the Company. More positively, this period has also coincided with the approval for the Company to transfer its interest in the Isarene PSC to a wholly-owned subsidiary company, Petroceltic Ain Tsila Limited, more quickly than originally anticipated (the "Transfer"). The completion of the Transfer, which is anticipated over the coming weeks, will provide investors with clarity and certainty on the security position of the Bond Issue at completion.
The Company has therefore decided to suspend formal marketing of the Bond Issue until completion of the Transfer, subject to satisfactory market conditions. In the meantime, the Company will continue discussions with selected potential investors.
Commenting on the update, Brian O'Cathain, CEO of Petroceltic said:
"The transfer of our interest in the Isarene PSC to a wholly owned subsidiary is a positive event. The Company continues to pursue its previously announced financing strategy which it believes is in the best interests of the Company and its shareholders as a whole."
Further announcements will be made as appropriate.
Ends
For further information, please contact:
Brian O' Cathain /Tom Hickey, Petroceltic International Tel: +353 (1) 421 8300 James Henderson / Rollo Crichton-Stuart, Bell Pottinger Tel: +44 (20) 3772 2500 Douglas Keatinge / Joe Heron, Murray Consultants Tel: +353 (1) 498 0300 John Frain / Roland French, Davy Tel: +353 (1) 679 6363
Notes to Editors:
Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on North Africa the Mediterranean and Black Sea Regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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