Petroceltic exits Romania, sells unit to GVC Investment-Reuters

(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 and Beach Energy Ltd in the Romanian fields before the sale to GVC.

Financial details of the transactions were not disclosed.