London, UK, January 11, 2011 – Celtique Energie Holdings Limited (“Celtique” or the “Company”), a London-based exploration and production company, announced that it has entered into an agreement with Avista Capital Partners (“Avista”) and affiliates of a wealthy European family to provide an equity commitment up to $100 million, subject to receipt of regulatory consents.
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. Since that time, Celtique has assembled a portfolio of high-impact onshore exploration licenses and substantially completed its prospect generation phase. The commitment from these investors will support the Company as it develops its significant acreage position in 2011.
Geoff Davies, CEO of Celtique, said, “This increased capital commitment builds upon our existing productive relationship with our investors and will allow Celtique to accelerate the development of our most promising targets. 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.”
“We are pleased to enhance our partnership with Celtique and support the Company in the next phase of its growth,” said Robert Cabes, Partner of Avista. “Celtique has established a meaningful license position across more than two million acres throughout onshore Europe during the period of Avista’s ownership. This increased capital commitment will allow the Company to continue to build value by accelerating its development activities across its portfolio.”
About Celtique Energie Holdings
Celtique Energie Holdings and affiliated companies were formed to maximize the extensive knowledge of the management team in onshore Europe. The Company adopts state of the art technical approaches to define viable oil and gas prospects by combining existing and newly acquired data and drilling and developing new resources in an environmentally responsible manner.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm with offices in New York, Houston, and London. Founded in 2005, Avista's strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, media, industrial, and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information, visit www.avistacap.com.