PCI Petroceltic

TIDMPCI

RNS Number : 0530U

Petroceltic International PLC

24 July 2015

Dublin

24 July 2015

Request for EGM and legal proceedings from Worldview

Petroceltic International plc ("Petroceltic" or the "Company") announces that it has received a further letter seeking to call an extraordinary general meeting ("EGM"), in relation to shareholder approval of certain asset disposals, from Vidacos Nominees Limited, the registered holder of 26.5% of the issued share capital of the Company, of which the beneficial owners are certain funds managed by Worldview Capital Management Ltd (Worldview). The Company is taking legal advice in relation to the letter and further announcements will be made in due course.

In addition, Petroceltic announces that it has been served with legal proceedings issued by Worldview in the High Court of Ireland. The proceedings allege that the Company has failed to undertake a review of its business and seeks direction from the Court as to the manner in which the review is undertaken. Similar proceedings were issued by Worldview in London in December 2014 and dismissed by the English High Court in May 2015, with costs awarded to Petroceltic, on the grounds that the appropriate jurisdiction was Ireland.

As with the previous English proceedings, Petroceltic believes that the latest Irish legal proceedings are totally without merit and misconceived

The Company would clearly prefer to avoid the significant costs of litigation and to ensure that management time is focused on the day to day running of the business for the benefit of all shareholders. Nonetheless, if Worldview decides to pursue the proceedings, the Company will be obliged to vigorously contest and defend them and to seek to recover from Worldview, to the maximum extent possible, all costs incurred by the Company in so doing.

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 
   Doug 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, 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 assets in Egypt and Bulgaria, a core development asset in Algeria, and high impact exploration initiatives in Italy and Egypt.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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