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.

Any pending formal takeover offer for Dublin exploration firm, Petroceltic from Middle Eastern player, Dragon Oil is expected by analysts to tempt other parties into a bidding war.

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.

Dublin-based exploration company Petroceltic International has forecast total production levels of 20 to 22 million barrels of oil equivalent per day for this year.

Dublin-based exploration firm Petroceltic International has formally agreed the sale of a further tranche in one of its headline assets, the Ain Tsila gas field in Algeria, for a potential $180m (€133m).

Petroceltic has reported a pre-tax loss of $3.25 million (€2.6m) for the first half of 2012; shaving almost $1m off losses generated in the corresponding period last year.

PETROCELTIC, the Irish oil and gas exploration company with assets in southern Europe and northern Africa, has reported a further gas find in Algeria, which technically expands the size of its chief asset, the Isarene field.

Oil and gas exploration firm Petroceltic International has reported a loss of almost $5m (€3.9m) for the first six months of the year.