Sonatrach has pulled the plug on the Isarene permit, held by Petroceltic International.
Petroceltic has successfully completed the second development well on its flagship Ain Tsila field in Algeria under-budget and on schedule.
Petroceltic said it is unable to give shareholders a firm recommendation to either accept or reject the 3pence per share offer from Sunny Hill capital to buy the company.
Petroceltic International has begun development drilling on its flagship Ain Tsila gas and condensate field in Algeria.
Petroceltic, the Irish oil and gas company focused on North Africa, Mediterranean and Black Sea, has received a further waiver of repayments from its lenders until January 29 as it seeks to find a buyer.
The Irish High Court has granted independent oil and gas producer Petroceltic an injunction prohibiting activist investor Worldview Capital from proceeding with its attempt to hold another extraordinary general meeting.
Exploration company Petroceltic has told its shareholders that activist investor Worldview Capital's attempt to convene a further extraordinary general meeting is unlawful.
Irish oil producer Petroceltic has appointed chartered accountant Hugh Cawley as a non-executive director.
Irish oil and gas producer Petroceltic has invited bids from contractors to begin work on its flagship gas plant in Alergia,