Friday 20 July 2018

O'Cathain ready to take on the world with new job

Brian O'Cathain
Brian O'Cathain
Samantha McCaughren

Samantha McCaughren

Oilman Brian O'Cathain is back on the scene after coming out on the losing end of an ugly battle for Petroceltic.

He has joined the board of the UK and Ireland-focused Europa Oil & Gas. O'Cathain has a similar role at West Africa-focused Eland.

The ex-Petroceltic boss discovered a gas field in Algeria that is deemed to be world-class. However, when the oil price crashed, indebted Petroceltic ran into trouble.

In the end, the company's largest shareholder - Angelo Moskov's Worldview Capital Management - took control of it after an examinership process. Relations between it and O'Cathain et al had soured, to put it mildly, so O'Cathain was out the door.

In a cruel twist, Worldview now wants to raise $500m (€400m) to try and perform a repeat of what happened at Petroceltic. For O'Cathain's sake, let's just hope Europa and Eland manage to escape Moskov's attention.

Sunday Indo Business

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