Dublin-based independent Petroceltic on 18 February sold its stakes in three Egyptian exploration blocks to its Italian partner Edison. This leaves the cash-strapped firm, with a key loan repayment due later this month, ever more dependent on its key 2.1 tcf Ain Tsila project in Algeria proceeding like clockwork. The signs for this are not great: the firm says “the current best estimate for first gas production is now early 2019:” it had long targeted 2018 (MEES, 3 July 2015).
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