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Petroceltic's biggest shareholder wants to oust oil firm's chief executive

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Brian O'Cathain, Chairman of Petroceltic

Brian O'Cathain, Chairman of Petroceltic

Brian O'Cathain, Chairman of Petroceltic

Petroceltic’s biggest shareholder said it wants to oust the Irish oil company’s chief executive Brian O'Cathain.

Worldview Capital Management owns 28pc of Irish oil and gas explorer Petroceltic.

It has called for an extraordinary general meeting (EGM) where it will seek to replace the company’s ceo claiming he has overseen “a series of strategic and corporate governance failures.”

"These failures included dismal drilling results, poor handling of Petroceltic's $100m (€85m) placing, and the failed offer by Dragon Oil," Worldview said in a statement.

Petroceltic has rejected the claims, according to a spokesman.

The company will formally respond to the request for an EGM in due course, according to a spokesman. No date has been set for a meeting.

Worldview said it wants oil industry veteran Maurice Dijols and Worldview founding partner Angelo Moskov appointed to the Petroceltic board as non-executive directors.

Worldview began a legal case against Petroceltic last month, accusing the company of breaching an agreement over a $100m share placement.

Shares in the company were up 0.6 percent at 122.75 pence in morning trade on the London Stock Exchange.

Online Editors