This follows a decision by an examiner yesterday.
The existing share capital of Dublin-based Petroceltic will be cancelled today.
The entire Board of Petroceltic has stepped down. Chief executive Brian O'Cathain and chief financial officer Tom Hickey have also stepped down from their respective executive roles.
Angelo Moskov, chief executive of Worldview Capital said: “We look forward to working with the Petroceltic team to ensure the long term success of the Company as it develops its assets.”
Petroceltic suspended its shares earlier this year when Worldview, its largest shareholder, petitioned it to appoint an examiner.
Examinership is an Irish legal process which sees an independent person, the examiner, appointed by the High Court to companies experiencing financial difficulties.
Shares were as high as 116p last June but after some turbulent times with the saga dragging and the global oil rout, they last traded as low as 3p per share.