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.

The board of Irish exploration firm Petroceltic has 21 days to decide to call an EGM as requested by activist investor Worldview Capital Management.

Activist investor Worldview Capital Management has ignited a fresh war with Irish exploration firm Petroceltic, claiming the latter’s debt-raising plans put control of its chief asset at stake.

Worldview Capital Management is set to formally challenge the result of yesterday’s shareholder vote that saw investors side with Dublin explorer Petroceltic in the stand-off between the two parties.

The activist investor at the centre of the ongoing board battle at Irish explorer Petroceltic is confident its push for a change to the company’s management and operational strategy will succeed this year, even if it loses the vote at next week’s shareholder meeting.

The three largest global share advisory firms have come out in support of the Petroceltic board in its battle for control of the company.

Petroceltic is confident a bid by its main shareholder to unseat its chief executive and overhaul its board will be rejected at an investor vote later this month.

Petroceltic’s largest independent shareholder has vowed not to back any further capital raising efforts by the Dublin-based explorer until its board is shaken up and CEO Brian O’Cathain removed.

Exploration firm Petroceltic has urged its shareholders to vote against resolutions being tabled by activist investor, Worldview Capital Management, in an upcoming ballot effectively saying its only aim is to gain control of the company without having to buy it out.

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.

Irish oil producer Petroceltic is being sued by its largest shareholder, Worldview Capital Management, which has also called for the resignation of chief executive Brian O’Cathain.

Development drilling is set to recommence at Petroceltic’s headline asset, the Ain Tsila gas field in Algeria, in the first quarter of next year, with the field expected to come on stream in 2018.

Petroceltic’s contentious $100m-share placing plan is expected to get the green light next week, on the back of the firm agreeing a major restructuring of its board with its largest independent shareholder.

Shares in Irish exploration firm Petroceltic fell by over 7% yesterday on the back of further negative drilling news from its operations in Kurdistan.