Petroceltic revealed earlier this year it had struck a deal with an unnamed potential buyer for the sale of an 18.375% stake in the permit which contains the Ain Tsila gas and condensate field.
However, on Monday the London-listed company stated that Sonatrach had exercised its pre-emptive right to take the stake under similar terms.
Sonatrach will make a $20 million payment on the completion of the deal as well as pay a $140 million development carry and make two contingent payments of $10 million each based on the achievement of certain early production and technical completion milestones.
“The
