Petroceltic rules out EGM vote on debt financing plan

Petroceltic has ruled out holding a shareholder vote on its proposed debt financing round, which is expected to raise around $175m (€160m) by the end of this month.

An EGM, on the matter, had been called for by activist investor, fund manager Worldview Capital Management, which owns nearly 30% of the Dublin-based exploration firm.

The proceeds will go towards paying down existing debt and funding the headline Ain Tsila gas field asset in Algeria.