LONDON--(BUSINESS WIRE)--Petroceltic International Plc, today announces that it has rebranded as Sunny Hill Energy (“Sunny Hill”).
Sunny Hill invests in large-scale and significant energy projects in Europe and North Africa. It owns and operates oil and gas concessions in Egypt, a gas production-to-storage conversion project in Bulgaria and a high-value exploration license in Italy. Its principle activity is delivering the world class Ain Tsila gas and condensate development project in Algeria.
The rebranding reflects the Company’s evolution from its Irish heritage, its strong recent progress and its bright future. The current management took control of Petroceltic in June 2016 and streamlined the business within six months, driving production increases and operational efficiencies that transformed it from a heavy loss-making to a profitable business.
The management has since achieved several key operational milestones, including a corporate restructuring that returned the company to profitability and commercial initiatives that culminated in March 2019 with its Algerian Ain Tsila project awarding a $1bn engineering, procurement and construction contract to Petrofac International. The contract is expected to be completed within 42 months, bringing gas and associated hydrocarbon liquids production to European markets.
With a lean operating model and collaborative approach, Sunny Hill is working successfully with governments, local partners and financial stakeholders to help deliver the goals of energy security in a number of European and emerging market territories.
Further information about Sunny Hill Energy can be found at www.sunnyhillenergy.com
Commenting on the name change Angelo Moskov, Chairman of Sunny Hill Energy said
“Since taking control nearly three years ago, the current management have made great strides in developing our assets and working with a wide range of stakeholders to bring long term stability to the European energy market.
The business has evolved considerably in the last few years and the major operational milestones it has achieved only highlight the success of the evolved Company structure and approach. Therefore, as we enter a new and exciting period, we thought it appropriate to re-brand as Sunny Hill Energy”.
