12th Dec 2014 07:03
Dublin
12 December 2014
Petroceltic International plc
Legal proceedings issued by Worldview
Petroceltic International plc ("Petroceltic" or the "Company"), the upstream oil and gas exploration, development and production company focused on the Middle East and North Africa (MENA), the Mediterranean and the Black Sea regions, has now seen the legal proceedings issued by Worldview Capital Management ('Worldview'). The proceedings allege that the Company has failed to undertake a review of its business and seeks direction from the Court as to the manner in which the review is undertaken.
Petroceltic believes that the legal proceedings are totally without merit and misconceived.
As announced previously, Petroceltic will host a capital markets day presentation on Wednesday 28 January 2015. This will ensure that all shareholders are given the opportunity, at the same time, to hear about the Company's assets, strategy and plans for the business.
The Chairman of the Board has written to Worldview offering to meet with its representatives to discuss the matters raised in the legal proceedings. This is in addition to the number of offers of meetings or calls that have been made by Petroceltic to Worldview over the last number of weeks.
The Company would clearly prefer to avoid the significant costs of litigation and to ensure that management time is focused on the day to day running of the business for the benefit of all shareholders. Nonetheless, if Worldview decides to pursue the proceedings, the Company will be obliged to vigorously contest and defend them and to seek to recover from Worldview, to the maximum extent possible, all costs incurred by the Company in so doing.
The focus of the Company and its management continues to be the day to day running of the business for the benefit of all shareholders.
ENDS
For further information, please contact:
Brian O' Cathain / Tom Hickey, Petroceltic International | Tel: +353 (1) 421 8300 |
Philip Dennis / Rollo Crichton-Stuart,Bell Pottinger | Tel: +44 (203) 772 2500 |
Joe Heron / Douglas Keatinge, Murray Consultants | Tel: +353 (1) 498 0300 |
John Frain / Roland French, Davy (Nomad and ESM Adviser) | Tel: +353 (1) 679 6363 |
Notes to Editors:
Petroceltic International plc is a leading independent oil and gas exploration development and production company focused on the Middle East and North Africa, the Mediterranean and the Black Sea regions and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria, Romania, the Kurdistan Region of Iraq, Italy and Greece.
Related Shares:
PCI.L