:: Iberdrola SA has acquired a 22.6 per cent stake in AIM-listed oil explorer Petroceltic International Plc for $55 million in cash.
The Spanish energy group bought 216 million Petroceltic shares at 13 pence each and also paid $7 million for an option to buy the company´s interest in any asset for $55 million. The deal sent Petroceltic shares soaring by more than 25 per cent in London.
Under the agreement, Iberdrola has to choose the asset within six months and the option will expire if not exercised by May 2010. Iberdrola also plans to increase its stake up to 24.9 per cent by buying more shares in the market. It agreed not to sell shares for three years. Proceeds from the deal will be used to accelerate Petroceltic’s exploration work, particularly in Algeria where is holds a 75 per cent stake in a licence on fields that have a gas resource potential of more than 13 trillion cubic feet. The other 25 per cent is owned by Algeria’s state-owned Sonatrach.:: |
