Ireland’s Petroceltic International plc, has completed the sale of the North Thekah, North Port Fouad, and South Idku deepwater exploration licenses in Egypt to its joint venture partner, the Italian company, Edison International S.p.A, for a total of $9.5m in a cash deal, Rigzone reported.

The agreement has been formally completed after the Egyptian government had granted its approval to the transaction following upon adjustments of working capital to approximately $5.8m and the waiver of preemption rights held by the Egyptian Natural Gas Holding Company (EGAS), Petroceltic explained in a statement on its website. The company had first announced the deal already in December 2015, Upstream Online informed.

Petroceltic International plc is a leading upstream oil and gas exploration company with licenses in North Africa, the Mediterranean and Black Sea regions.