Irish oil firm Petroceltic effectively up for sale

Brian O Cathain-led company considering all options in strategic review

24th December, 2015
Tom Hickey, chief financial officer; Robert Adair, chairman; Brian O Cathain, chief executive officer Pic:

Irish oil exploration company Petroceltic is effectively up for sale after it breached the terms of its banking covenants, it announced in a statement yesterday.

The company is also considering the farm-out or sale of one or more of the its assets; merger; the raising of raising of capital in the form of debt; or the raising of capital through the issuing of new shares, it said in the statement.

The company disclosed that it...

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