Petroceltic International PLC Response to Worldview Announcement (0757S)

TIDMPCI

RNS Number : 0757S

Petroceltic International PLC

03 July 2015

Dublin

3 July 2015

Petroceltic International Plc

Petroceltic Responds to Worldview Capital Comments

Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on the Middle East and North Africa, the Mediterranean and Black Sea regions, notes the statement issued on Thursday, 2 July 2015 by Worldview Capital Management in relation to the Company's contemplated bond financing and other matters.

Contemplated Bond Issue

As announced on 29 June 2015, Petroceltic is contemplating issuing up to $175 million of Senior Secured Callable Bonds (the "Bond Issue"). The Bond Issue will represent an important addition to Petroceltic's overall financing mix. While further funding will be required as the development of Ain Tsila progresses, the Bond Issue will, once completed, represent the first step in diversifying the Group's funding base as part of its long-term financing plan for Ain Tsila.

Since 2013, Petroceltic has been consistent in disclosing its intention to consider such a bond issue or equivalent financing as part of its long-term plan to part finance the development of the Ain Tsila asset in Algeria. Petroceltic confirmed at its 2015 capital markets day that its objective was "to effect a partial or first stage of refinancing during 2015". This financing strategy has been discussed extensively with shareholders, including Worldview. The Bond Issue will be undertaken in full compliance with all applicable legal and regulatory requirements.

Amendments to Articles of Association

The Bond Issue is being proposed, and will be effected, entirely in accordance with the provisions of the Company's existing Articles of Association, which are available on our website www.petroceltic.com, and Irish company law. The amendments to the existing Articles proposed for consideration by shareholders at the forthcoming AGM of the Company on 24 July 2015 are solely those required to reflect the enactment of the Irish Companies Act 2014 or to make consequential or minor housekeeping changes. The approach proposed by Petroceltic is consistent with that taken by most Irish plcs whose shares are listed in Dublin or London and who have undertaken a similar exercise.

2014 Results

The Company published its annual results for 2014 on Monday, 29 June 2015 and the 2014 Annual Report and Financial statements are available on our website.

Legal Case

The Company's reporting of the May 2015 outcome of Worldview's legal proceedings has been confined to factual matters. Worldview has the right to appeal the decision of the English Courts, or to bring equivalent proceedings in Ireland, should it wish to do so.

EGM

Petroceltic has not to date received a requisition from Worldview to convene an EGM of the Company.

Ends

For further information, please contact:

   Brian O' Cathain /Tom Hickey, Petroceltic International        Tel: +353 (1) 421 8300 
   James Henderson / Rollo Crichton-Stuart, Bell Pottinger      Tel: +44 (20) 3772 2500 
   Douglas Keatinge / Joe Heron, Murray Consultants              Tel: +353 (1) 498 0300 
   John Frain / Roland French, Davy                                          Tel: +353 (1) 679 6363

Notes to Editors:

Petroceltic International plc is a leading Upstream Oil and Gas Exploration and Production Company, focused on North Africa, Mediterranean and Black Sea Regions, and listed on the London Stock Exchange's AIM Market and the Irish Stock Exchange's ESM Market. The Company has production, exploration and development assets in Algeria, Egypt, Italy and Greece.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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