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Petroceltic exits Romania, sells unit to GVC Investment

Reuters - UK Focus

June 16 (Reuters) - Irish oil producer Petroceltic International Plc said it sold its Romanian unit to GVC Investment BV as it exits high-risk exploration ventures.

Petroceltic, which withdrew from Iraqi Kurdistan in March, said that its unit bought out the stakes of its partners Sterling Resources Ltd (Other OTC: SGURF - news) and Beach Energy Ltd in the Romanian fields before the sale to GVC.

Financial details of the transactions were not disclosed. (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Gopakumar Warrier)