Petroceltic International Plc, the international Oil and Gas exploration development and production company, provides an update on the status of the petition for examinership of Petroceltic and two wholly owned subsidiary companies presented to the High Court of Ireland on 4 March 2016.
On 4 March 2016 Sunny Hill Limited announced that Worldview EHS International Master Fund had presented a petition to the High Court of Ireland to appoint an Examiner to Petroceltic, Petroceltic Investment Limited and Petroceltic Ain Tsila Limited and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 of Ireland. On 8 April 2016 the Court approved the appointment of Michael McAteer of Grant Thornton as Examiner to the Petition Companies.
The Examiner has conducted a sales and investment process which required best and final offers, accompanied by adequate proof of funding, to be made by early May. Following this process, the Examiner has selected Worldview International Management Limited SEZC as the successful investor and 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 of the examinership process. Upon signature of this agreement, 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.
Further updates will be provided in due course.
(Petroceltic International plc Press Release)