Thursday 8 December 2016

Petroceltic granted further waiver

Published 09/02/2016 | 02:30

Brian O'Cathain, CEO of Petroceltic Photo: Paul Sharp
Brian O'Cathain, CEO of Petroceltic Photo: Paul Sharp

Petroceltic has been granted a further waiver on its bank repayments up to February 19.

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The oil and gas explorer, which has been hit by plummeting oil prices, has listed itself for sale and is on the brink of breaking bank covenants.

In a statement released to shareholders yesterday, Petroceltic, which is headed up by Brian O'Cathain, said that it was granted the waiver under its senior bank facility. Petroceltic says its lenders are open to considering further waivers, which may be required to continue the strategic review process.

With the firm up for sale, it is believed that Petroceltic's largest shareholder, Worldview Capital Management, is contemplating an all-cash offer for it.

Petroceltic announced to shareholders that it was up for sale before Christmas and has been granted waivers from its lenders since then. The release to the Irish Stock Exchange is almost identical to the one Petroceltic issued on Friday, January 29. "The company's lenders have also indicated their willingness to consider such further waivers as may be required to continue the strategic review process, based on circumstances applying at the time of any application and with specific reference to the progress of the various initiatives being undertaken pursuant to the strategic review," it said in January.

Irish Independent

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