Biggest shareholder looks to oust Petroceltic CEO

Oil producer Petroceltic International’s largest shareholder has called for an extraordinary general meeting of the Irish company’s shareholders to oust chief executive Brian O’Cathain.

Worldview Capital Management, an investment management group which owns 28% of Petroceltic, is seeking to replace Mr O’Cathain, citing “a series of strategic and corporate governance failures” last year.

“These failures included dismal drilling results, poor handling of Petroceltic’s $100m placing, and the failed offer by Dragon Oil Plc,” Worldview said in a statement.