Is civil war about to break out at Petroceltic?

Just over a year ago, Worldview Capital Management, Petroceltic International’s (PCI) largest shareholder, launched a stinging public attack on the company’s board. Petroceltic responded, there were some closed door negotiations and by the middle of June 2014, a compromise was reached. Boardroom changes followed, which seemed to ameliorate Worldview. I tipped Petroceltic at 150p, as a contrarian play against the prevailing negativity this little drama caused. By the start of October, the company’s share price rose to 221p, only to fall back dramatically as the market for oil went into meltdown. Today Petroceltic trades at 101.5p, Worldview is back and this time it means business.

Petroceltic (#PCI) - Worldview set to call for EGM

Petroceltic (#PCI) - exits Romania, with final sale of licence

Petroceltic (#PCI) - rebels Worldview claimed they are being denied access to the EGM they requisitioned to sack the board

Petroceltic (#PCI) fat cats urge folks to back them not Worldview at EGM

Petroceltic (#PCI) battle to sack the board hots up

Petroceltic (#PCI) Dragon Oil drops its 230p per share cash offer

Petroceltic resolves its issues with Worldview – reasonable buy at 157p

There was a hint, a week ago, that Petroceltic International (PCI) was going to resolve issues over its proposed $100million placement, with its unhappy shareholder Worldview Capital Management, when the EGM was postponed until today. An hour or so ago Petroceltic once more adjourned the EGM (this time until June 26^th), but was now “pleased to announce” it had reached an agreement with Worldview. In short Petroceltic’s fund raising is going to go ahead, as Worldview, with its 20.04% is going to vote in favour of the deal, but there some important changes in the governance of the company. 

Petroceltic; a contrarian buy against the prevailing mood

What a set of releases by Petroceltic International (PCI) this morning! Together with its Annual Report (found here) and notice of its AGM, the company delivered a hat-trick of failed exploration wells in one announcement (in Kurdistan, Romania and Egypt) and then mounted a robust defence against public criticisms made by the company’s major shareholder Worldview Capital Management, which holds 19.91% of the company. Worldview’s complaints can be found here, but they concern the proposed $100million placement arranged by Petroceltic’s board. In short, Worldview is not happy and it looks like a race is now on for the future control of Petroceltic.

Buy Petroceltic : Floor Found Along With New Egyptian Licences

It is probably best to get the negative factor out of the way here first at Petroceltic (PCI) – that of Egypt, and the upstream oil & gas explorer’s exposure to the “Arab Spring” nation.