Avista Capital Partners to support Celtique Energie growth in Europe
Oil & Gas Financial Journal, 12 January 2011
Celtique Energie Holdings Ltd., a London-based exploration and production company, has entered into an agreement with private equity firm Avista Capital Partners and affiliates of a wealthy European family to provide an equity commitment up to $100 million.
Celtique was formed in 2006 with a $50 million commitment from Avista to develop oil and natural gas discoveries and prospects in onshore basins in Europe. The company has assembled a portfolio of onshore exploration licenses and substantially completed its prospect generation phase. The commitment from these investors will support the company’s acreage development in 2011.
Geoff Davies, CEO of Celtique, said, “Near-term, we plan to implement drilling programs in the Jura region of France and Switzerland and in the Aquitaine basin of France, and undertake seismic programs to further define prospects throughout the rest of our portfolio."
More info: www.ogfj.com/articles/2011/01/avista-capital-partners.html