Petroceltic International PLC and Melrose Resources PLC will merge to create an independent oil and gas company focused on North Africa, the Mediterranean, and the Black Sea.
The boards of both companies recommended the merger, and the combined entity will have 84 million bbl of oil equivalent proved and probable reserves, 357 million boe of contingent resources, and 1.365 billion boe of unrisked prospective resources.
The companies will pursue an active exploratory drilling campaign and participate in the development of Petroceltic’s Ain Tsila gas-condensate development in eastern Algeria (OGJ Online, Aug. 14, 2012). The merged group will have a $300 million capital facility from the merger effective date.
