Beach exits Romania with sale of Block 28 interest

Beach Energy Ltd., Adelaide, reported that its wholly owned subsidiary, Beach Petroleum (CEE) SRL, has transferred its 30% interest in Block 28 Est Cobalcescu to the operator, Petroceltic Romania BV, a wholly owned subsidiary of Petroceltic International PLC, for “nominal consideration.”

The transaction, which was approved by the National Agency for Mineral Resources of Romania, effectively marks the exit of Beach from Romania.

Beach’s Romanian exit, it said, is “consistent with the company’s strategy to focus closer to home, where its core expertise can be leveraged to drive sustainable, value accretive growth.”