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Petroceltic back on the stock market

Thursday, October 11 10:27:53

Irish energy prospector, Petroceltic, returned to the London and Dublin stock markets - the AIM and the ESM - today following the completion of its merger with Melrose Resources.

The merger, which was announced in August, was approved by Bulgarian authorities earlier this month.

Petroceltic is focused on North Africa, Mediterranean and the Black Sea with a portfolio comprising production, development and high-impact exploration assets.

The asset base of the Company comprises cash generating production interests in Egypt and Bulgaria, development upside from the Ain Tsila gas project in Algeria and high-impact exploration in the Kurdistan Region of Iraq, Italy, Romania, Bulgaria and Egypt.

It has current working interest production of 28,600 boepd (barrels of oil equivalent per day) and 2P reserves of 79.2 MMboe as at 30 June 2012, in addition to contingent resources of 357 MMboe and unrisked prospective resources of 1,365 MMboe as at 1 January 2012.

Petroceltic said it plans tol embark on an active exploration drilling campaign in the next 18 months, with exploration wells planned in the Kurdistan Region of Iraq, Italy, Romania, Bulgaria and Egypt.

It has secured a new $300 million facility from HSBC to refinance Melrose's previous reserve based lending and subordinated facilities.

"The Merger has brought together the complementary skill-sets and shared management culture of the experienced operational teams of Petroceltic and Melrose. The Petroceltic team has a proven track record in delivering high-impact exploration and appraisal results in North Africa while the Melrose team has delivered numerous on-shore and off-shore fields through development into production on fast-tracked schedules," it said.