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16.05.2016 11:17
Worldview Hedge Fund Buys Petroceltic
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
AUTHOR: publics.bg


  • © 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, Natural Gas Europe reported.

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.

In Bulgaria, Petroceltic is looking for natural gas in the Black Sea block Galata.


TAGS: Petroceltic | acquisition | examinership | hedge fund | Worldview International Management | gas | natural gas | oil 


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