Dublin
25 May 2016
Petroceltic International Plc
Examinership process update
On 4 March 2016, Worldview EHS International Master Fund presented a petition to the High Court of Ireland (the 'Court') to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the 'Petition Companies') and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the 'Petition'). On 8 April 2016 Michael McAteer of Grant Thornton was appointed as Examiner to the Petition Companies and on 12 May 2016, the Company announced that Worldview International Management Limited SEZC ('Worldview') had been selected as the successful investor.
The Investment Agreement in relation to the Petition Companies has now been signed and the relevant meetings of members and creditor classes have been convened for Monday 30 May 2016. The scheme document in relation to Petroceltic International Plc is now available on the Company's website www.petroceltic.com.
Subject to Court approval, the Examinership process is now expected to conclude by mid-June.
Ends
For further information, please contact:
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Michael Mc Ateer/Diarmuid Hannigan, Grant Thornton (Examiner)
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Tel: +353 (1) 680 5805
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Brian O' Cathain /Tom Hickey, Petroceltic International
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Tel: +353 (1) 421 8300
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James Henderson / Rollo Crichton-Stuart, Bell Pottinger
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Tel: +44 (20) 3772 2500
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Douglas Keatinge / Joe Heron, Murray Consultants
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Tel: +353 (1) 498 0300
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John Frain / Roland French, Davy
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Tel: +353 (1) 679 6363
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Notes to Editors:
Petroceltic International plc is an upstream oil and gas exploration and production company, with licences in North Africa, the Mediterranean and Black Sea regions, and is 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 and Italy.