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The Times & The Sunday Times
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BUSINESS

Egypt offer buys time for Petroceltic

Vincent Ryan
The Sunday Times
Petroceltic is $230m in debt
Petroceltic is $230m in debt
Vincent Ryan
The Sunday Times

PETROCELTIC International, the oil and gas exploration company headed by Brian O’Cathain, has received an offer for its Egyptian assets.

The proceeds of the all cash offer, if agreed, would go towards paying down Petroceltic’s $230m debt mountain and buy the company a lifeline to find a partner for its prized Algerian gas field.

T5, an oil company established by five former Tullow Oil executives, has been linked to a bid for the Egyptian assets.

The offer came the night before Petroceltic’s largest shareholder, Worldview Capital, applied to have Grant Thornton’s Michael McAteer appointed as an examiner to the exploration company.

The application has been adjourned until April 4.

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Petroceltic is listed on London’s Alternative Investment Market.