Irish oil exploration company, Petroceltic, a firm with holdings in Algeria and Egypt, was given an extension to January 29th to repay its debts, The Telegraph reports. The struggling firm has appointed restructuring specialists at PwC to help the firm deal with its financial issues.
The small oil company has debts of $200m, versus an overall value of around $65m. The company’s stock price has collapsed 90% in the last year. Petroceltic has assets in Algeria, Egypt, Bulgaria, Italy and Greece and has poured much of its resources into its Ain Tsila project in Algeria, which it has described as “world-class asset” that would be “the principal driver of the long-term future value of the business.”
