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Petroceltic says Worldview to take control of group

Reuters

(Reuters) - Irish oil producer Petroceltic International Plc (PCI.I) said a court examiner had selected its largest shareholder, Worldview Capital Management, to take control of the group.

Petroceltic, which received a 3 pence per share offer from Worldview in February, said it expected to sign an investment agreement over the coming days which would result in Worldview owning the company.

The company was placed in examinership in March, a process under Irish law that is akin to Chapter 11 bankruptcy in the United States and administration in Britain.

The company, which operates in Algeria, Egypt, the Black Sea region and the Kurdistan region of Iraq, has been struggling due to the collapse in global crude oil prices.

(Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)