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  • Possible offer for Petroceltic International plc
    édité le 07/10/2014 - Plus de news de "Sunny Hill" - Voir la fiche entreprise de "Sunny Hill"


Possible offer for Petroceltic International plc
Following recent press speculation, the Board of Petroceltic announces that it is in detailed discussions regarding a possible offer to be made by Dragon Oil plc (“Dragon Oil”) for the issued, and to be issued, share capital of the Company (the “Possible Offer”).

With the support of the Board and management team of Petroceltic, Dragon Oil has completed an extensive confirmatory due diligence exercise and has submitted to the Board of Petroceltic proposed offer terms of 230 pence sterling in cash per Petroceltic share.

The completion of any offer by Dragon Oil would be subject to customary conditions for an offer for an Irish public company, as well as appropriate approvals from the Algerian Government in relation to the Algerian assets of Petroceltic.

As the acquisition of Petroceltic would be a Class 1 transaction for Dragon Oil under both the Irish and UK Listing Rules, any offer would be subject to the approval of Dragon Oil shareholders. Towards that end, Dragon Oil is in discussions with its majority shareholder (who owns approximately 54 per cent. of the issued share capital of Dragon Oil) with a view to obtaining an irrevocable undertaking to vote in favour of a transaction. The Board of Petroceltic has informed Dragon Oil that, subject to consultation with Petroceltic’s shareholders, it would be willing to recommend a firm offer at the level of the proposed offer if such an undertaking is obtained, and if the offer is made firm with conditions acceptable to Petroceltic.

There can be no certainty that any offer will be made or as to the terms of any offer. Shareholders are advised to take no action at this time.

Petroceltic shareholders will be kept informed of relevant developments and a further announcement will be made as appropriate.

About Petroceltic

Petroceltic International plc is a leading independent oil and gas exploration development and production company focused on the Middle East North Africa ("MENA"), the Mediterranean and the 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, Romania, the Kurdistan Region of Iraq, Italy and Greece.

About Dragon Oil

Dragon Oil plc is an international oil and gas exploration, development and production company, quoted on the London and Irish Stock exchanges (Ticker symbol: DGO). Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan.

Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in, and is the operator of, the Production Sharing Agreement for the Cheleken Contract Area. The operational focus is on the re-development of two oil and gas producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).

The Group has exploration blocks in Tunisia, Iraq, Afghanistan, Egypt and the Philippines. Dragon Oil's diversification strategy is to add exploration and production assets within Africa, parts of Asia and the Middle East in order to create a diversified and balanced portfolio of assets for the Group.


Origine : Communiqué Sunny Hill

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