Tuesday July 14, 2020

Worldview to invest €100m in Petroceltic gas assets

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

Ian Guider

Markets Editor

22nd May, 2016
Petroceltic chief executive Brian OCathain Pic: Maura Hickey

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.

The company...

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