CIARA O’BRIEN

Oil and gas exploration company Petroceltic said it would postpone plans for a listing on the main Dublin and London markets as it concentrated on finalising an agreement over its Algerian permit.

The company which focuses on North Africa, the Mediterranean and the Black Sea regions, said it was still committed to plans for the listing, but it was close to reaching a farm-out deal on an 18.375 per cent interest in the Isarene Permit. This process could still take several months, Petroceltic said, with partner and regulatory approvals needed. This could be affected by the additional documentation and shareholder approval requirements required following listing.

“The second Ain Tsila farm-out is a major commercial milestone for Petroceltic,” said chief executive Brian O’Cathain. “The company’s decision to give it priority over the listing at this time is a prudent measure to help ensure the farm-out moves forward smoothly in the months ahead. We are still fully committed to the listing.”

Petroceltic will seek to complete the listing at “the earliest practicable date”, and would proceed with a proposed share consolidation.

The company is listed on the AIM and ESM markets in Dublin and London, but had planned to move to the mainmarkets by the end of June.