Petroceltic and Melrose have agreed to merge, forming a new independent oil and gas company focused on the Black Sea, Mediterranean Sea, and North Africa.
Offshore staff
DUBLIN, Ireland -- Petroceltic and Melrose have agreed to merge, forming a new independent oil and gas company focused on the Black Sea, Mediterranean Sea, and North Africa.
Assuming approval from both sets of shareholders, the new entity would have 2P reserves of 84 MMboe, 2C resources of 357 MMboe, and unrisked prospective resources of 1,365 MMboe in these regions.
The new company will be able draw on a new $300-million facility provided by HSBC for 18 months from the date that the merger becomes effective.
Petroceltic’s Brian O'Cathain will be CEO; Melrose’s David Thomas, COO; and Tom Hickey of Petroceltic chief financial officer.
