A hearing aimed at getting High Court approval for a survival scheme for exploration company Petroceltic has been adjourned after day-long talks over employees concerns about the survival proposals failed to end in agreement.

Senior staff at Petroceltic International are expected to voice concerns about the alleged writing-down of their employment rights, in opposing a survival scheme for the company due to be put before the High Court for approval next week.

Troubled Irish exploration firm Lansdowne Oil and Gas is seeking shareholder permission to issue new shares in the company in a bid to raise fresh equity to pay off debt and remain afloat.

Irish exploration firm Petroceltic has criticised calls for yet more company EGMs and has reiterated its view that activist investor Worldview Capital Management’s sole interest lies in eroding the company’s value to a point where it can gain control of the business for less than fair value.

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.