OREANDA-NEWS. July 21, 2015. Further to the EGM requisitioned Worldview Capital announces today its intention to requisition a separate and additional Petroceltic EGM, to table a resolution that proposes that Petroceltic ('the Company') should seek approval from shareholders for any material asset disposals (which represent 25% or more of the Company's revenues, profits or oil and gas reserves).

Worldview, as stated in previous announcements, estimates that the Company has now run out of money and Management may embark on a hurried sale of key assets to continue to fund its wasteful strategies. This may result in significant shareholder losses. 

As previously announced, Worldview believes that the proposed \\$175 million bond issuance jeopardises the Company's crown jewel, namely its participation in the Ain Tsila asset, as a security for the bond. In our view, this will result in squandering shareholder value. To prevent equally catastrophic decisions by the current Board of Petroceltic, Worldview believes that shareholders should be able to vote to approve all proposed material disposals.   

Furthermore, given the Company's history of very poor financial management of its assets, Worldview is extremely concerned that any disposal will follow this trend and be extremely perilous to shareholder value.