Petroceltic power struggle comes to a close with Worldview gaining control and CEO Brian O'Cathain bowing out

Tracey Boles
The embattled firm Petroceltic has had dark clouds on the horizon for some time (Source: Getty)

The long-running battle for control at exploration company Petroceltic has reached a conclusion with shareholder Worldview Capital assuming full control of the company.

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.

Read more: Worldview wins long-running battle to control Petroceltic

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.

Read more: Worldview appears set to win feud with Petroceltic

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.