Monday 26 September 2016

WorldView subsidiary makes €8.1m bid for Petroceltic

Published 26/02/2016 | 08:58

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

WorldView subsidiary Sunny Hill has made an all-cash offer for the oil and gas explorer which values the firm at £6.4m (€8.1m).

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Sunny Hill has made a 3p per share offer - the offer is more than 90pc less than Petroceltic’s closing price of 18p Thursday.

Worldview, which owns 29pc of Petroceltic, has been in dispute with the company’s board for over 12 months.

Petroceltic, an oil and gas exploration and production company which operates in Algeria, Egypt, the Black Sea and the Kurdistan region of Iraq, said in December it had hired bankers to conduct a strategic review, including a possible sale.

In January, Petroceltic said it had received a waiver of repayments under its senior bank facility until Jan. 29.

(Additional reporting Reuters)

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