Upstream Cos. Petroceltic, Melrose Ink £165M Merger Deal

Law360, New York (August 17, 2012, 7:13 PM EDT) -- Ireland's Petroceltic International PLC signed off on a £165 million (US$259 million) merger with fellow upstream outfit Melrose Resources PLC, a move the companies said on Thursday will create a balanced portfolio of exploration and production projects in North Africa, the Mediterranean and the Middle East.

The combined company will have rights to 84 million barrels of oil equivalent in proven reserves split between Egypt and Bulgaria, plus another 357 million barrels of estimated reserves, most of which are located in Algeria, according to a joint...
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