Worldview to invest €100m in Petroceltic gas assets

Worldview to invest €100m in Petroceltic gas assets
Petroceltic chief executive Brian OCathain Pic: Maura Hickey

Russian investment group paying up to €10 million to buy explorer out of examinership

Worldview Capital Management plan to invest up €100 million over the next three years to develop Petroceltic’s Algerian gas assets, after finally wresting control of the cash-strapped Irish explorer.

Worldview, the Russian investment group, is paying between €7 million and €10 million to buy Petroceltic out of examinership. Shareholders will be wiped out under the deal, but debt to secured lenders will be paid in full, The Sunday Business Post understands.

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