Spain's Iberdrola to buy 22.6 pct Petroceltic stake

DUBLIN (Reuters) - Irish oil and gas explorer Petroceltic (PCI.I) said on Monday that Spanish power company Iberdrola (IBE.MC) had agreed to buy a 22.64 percent stake in it for $55 million.

"In addition, under a two year option agreement, Iberdrola can invest a further U.S. $55 million to acquire a 49 percent financing interest in any single asset in Petroceltic's existing portfolio," it said in a statement.

(Reporting by Andras Gergely; Editing by Louise Ireland)