Dublin-based oil and gas firm Petroceltic is in talks to sell a further stake in its Algerian gas field, the company's chief executive Brian O'Cathain said today.
"We've been in discussions with a number of major players who are currently active in Algeria with a view to bring in another partner because it's such a large development," Mr O'Cathain said.
The company said it was looking to sell an 18.375 per cent stake in the Ain Tsila gas field in south-east Algeria, having sold Italian utility Enel an 18.375 per cent interest in April in a deal worth up to $183 million.
"There's lots of interest. They're all majors, they're all very large companies," he said, adding that any announcement on a deal was not likely until the end of the first quarter next year.
The news follows this morning's announcement of positive results from a flow test carried out on the field. The company also signed a $30 million loan facility with Macquarie, which may be used to provide ongoing capital investment and working capital for Petroceltic's business in Algeria, the Kurdistan Region of Iraq and Italy.
Additional reporting: Reuters
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