Petroceltic ties up with Iberdrola

Petroceltic International said today that it has agreed a strategic alliance and finance deal with Spain’s Iberdrola. Iberdrola will invest US$55 million in cash in Petroceltic through a placing of 215.8m shares, giving Iberdrola a 22.64% stake in Petroceltic. The money will be used to develop the AIM listed company’s oil and gas assets in North Africa and Italy. John Craven, Chief Executive Officer of Petroceltic, said: “We are now entering the most exciting phase of development in the Company’s history with a minimum of seven exploration and appraisal wells scheduled for the year ahead, across a broad range of risk and reward profiles. The funding which this investment provides secures this programme. This investment is a clear vote of confidence in the assets and the people of Petroceltic”.