Board overhaul at explorer Petroceltic

Two former executives of defunct Russian oil company Yukos Oil have joined the board of Irish explorer Petroceltic.

The development forms part of the overhaul of the Dublin-based company’s board, as agreed with its main independent shareholder, Swiss investment firm, Worldview, in return for voting in favour of its recently contentious $100m (€73m) share placing.

In light of that, Petroceltic said last month that it would be lowering the size of its board from nine to seven, with a greater emphasis on non-executive members.