Petroceltic (LSE:PCI)
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RNS Number : 2985Y

Petroceltic International PLC

07 September 2015

Dublin

7 September 2015

Petroceltic International Plc

Response to Worldview Announcement

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions, notes the announcement made this morning by Worldview Capital Management ("Worldview") and responds as follows:

1. Worldview's plans to call another Extraordinary General Meeting (EGM) on 5 October asking shareholders to vote on resolutions that are not in the best interests of the Company and all its shareholders are a regrettable waste of company funds. The Company will take appropriate legal advice to ensure that any resolutions proposed for consideration at an EGM are in compliance with the requirements of Irish company law and the Company's articles of association. Further announcements will be made as appropriate.

2. The Company notes that Worldview says it has cast its vote at today's first EGM against a resolution that would limit the Company's borrowing powers in line with institutional investor guidance, whilst at the same time tabling its own resolution to limit borrowing powers at the meeting planned on 5 October.

3. Worldview's statement that it will not support any further financings by the Company until the Board and senior management resign clearly demonstrates its desire to gain control of the Company without paying fair value which is to the detriment of the majority of shareholders.

4. The Company's investigation into the allegations made on an anonymous blogsite has been completed. The conclusion of this investigation is that the allegations made on the blogsite are false and considered defamatory, and that there are no matters which require further disclosure under AIM or ESM Rules. The investigation was overseen by the Company's Irish and English counsel, and was completed with the full co-operation of the individuals named on the blogsite.

5. The Irish High Court has independently determined that the allegations contained on the website are defamatory and that it should be taken down and the blogger's identity be revealed. The blogger has yet to comply with this court order, and the relevant period for compliance has expired. As this matter is currently the subject of an Irish High Court action the Company is unable to provide further specific details at this time.

6. The Company wrote to Worldview upon completion of the investigation explaining the conclusions. The Company is therefore disappointed that Worldview has decided to release its announcement this morning. Petroceltic believes that today's announcement should be seen in the context of all other actions by Worldview in 2015 including the requisitioning of three EGMs, various public announcements critical of the Company's personnel, strategy, performance and operations and the initiation of court proceedings in Ireland.

7. Petroceltic also notes the existence of a further website making allegations in respect of the Company's Bulgarian operations. The Company has no knowledge of any investigation by the Bulgarian authorities, and indeed has recently completed a routine tax audit of its operations in full co-operation with the Bulgarian authorities. Notwithstanding this, the Company will undertake a review of the allegations to assess whether they have any bona fide basis that would require investigation.

Petroceltic will take all steps necessary to protect its good name and that of its staff and contractors and will vigorously pursue any party making or repeating incorrect or defamatory allegations.

Petroceltic remains committed to responding to legitimate concerns raised by any shareholder and hopes that Worldview will use the opportunity afforded by today's EGMs to voice its concerns.

Ends

For further information, please contact:

   Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300 
   James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500 
   Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300 
   John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363 

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on North Africa, the Mediterranean and Black Sea regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Bulgaria and Italy.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 07, 2015 08:30 ET (12:30 GMT)