PCI Petroceltic

TIDMPCI

RNS Number : 3236Z

Petroceltic International PLC

25 May 2016

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:

 
 Michael Mc Ateer/Diarmuid Hannigan,           Tel: +353 (1) 
  Grant Thornton (Examiner)                     680 5805 
 Brian O' Cathain /Tom Hickey, Petroceltic     Tel: +353 (1) 
  International                                 421 8300 
 James Henderson / Rollo Crichton-Stuart,      Tel: +44 (20) 
  Bell Pottinger                                3772 2500 
 Douglas Keatinge / Joe Heron, Murray          Tel: +353 (1) 
  Consultants                                   498 0300 
 John Frain / Roland French, Davy              Tel: +353 (1) 
                                                679 6363 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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