Worldview Hedge Fund Buys Petroceltic
Petroceltic, which has been in Ireland's equivalent of administration since early April, is now to be bought by Worldview International Management, the Irish explorer said May 12. The company has struggled ever since the oil price fell, which led to one prospective buyer Dragon Oil pulling out of talks, and last year it put itself up for sale.
AIM-listed Petroceltic’s remaining main asset is a 38.25% equity interest in the Algerian Ain Tsila gas-condensate field development, where drilling of development wells is now underway.
The Examiner, who handles the administration, expects to proceed to sign an investment agreement over the coming days which will result in Worldview taking control of the entire group including those companies outside the process. Worldview already owns about a third of the equity and about 70% of the debt.
The Examiner will convene the various meetings of shareholder and creditor classes to vote on the proposed scheme of arrangement towards the end of May. Subject to court approval, the examinership process is expected to conclude in early June.
The Examiner reserves the right to alter or terminate the investment process at any time prior to the signing of the Investment Agreement. No warranties will be given as part of the sale process, Petroceltic's stock exchange note says.