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The Board of Petroceltic (the "Board") today announces the publication of a circular setting out the views of the Board in relation to the Offer (the "Response Circular"). The Board, having regard to the facts set out in the Response Circular and specifically the likely outcomes for Shareholders on conclusion of the Examinership process, as described more fully in the Response Circular, and having been so advised by Davy Corporate Finance, recommends that Shareholders accept the Offer as soon as practicable but, in any event, by no later than 1.00 p.m. (Irish time) on 14 April 2016. In providing advice to the Board, Davy Corporate Finance has taken into account the commercial assessments of the Board.
Is that not up to the high courts judge the examiner and more......
Does it not read...........that .............. The hearing on 4 April was adjourned until Friday, 8 April 2016, at which point the application for appointment of Michael Mc Ateer of Grant Thornton as Examiner to the Petition Companies will be heard in full. On 4 March 2016, Worldview EHS International Master Fund, presented a petition to the Court to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition") Read snippet from rns. Is this true no application. Has been made ......see first paragraph above...... . As a result of the Petition, the Petition Companies are currently in Examinership, which is an Irish company law rescue procedure for companies that are either insolvent or close to insolvency, involving a court enforced moratorium on creditor action.
In the company's announcements Pci is currently under the protection see below rns snippets.........."Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition"). The full hearing of the Petition was scheduled for 4 April 2016. Adjourned till tomorrow the 8th
Examinership Process Update On 4 March 2016 Worldview EHS International Master Fund presented a petition to the High Court of Ireland (the "Court") to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition"). The full hearing of the Petition was scheduled for 4 April 2016. The hearing on 4 April was adjourned until Friday, 8 April 2016, at which point the application for appointment of Michael Mc Ateer of Grant Thornton as Examiner to the Petition Companies will be heard in full.
nce in cash. On 4 March 2016, Worldview EHS International Master Fund, presented a petition to the Court to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition"). As a result of the Petition, the Petition Companies are currently in Examinership, which is an Irish company law rescue procedure for companies that are either insolvent or close to insolvency, involving a court enforced moratorium on creditor action.
Bottom if its here ...dyor
Pci. Turkey’s supply and demand position, based on Botas projections (but excluding spot LNG supplies), shows that Turkey could have a 5 Bcm annual supply deficit . despite having already renewed its LNG import with Algeria’s Sonatrach. By 2017, Turkey will need to import an additional 10 Bcm/y.
Costs are carried don't be surprised . That ain't gonna stop ....cause of these two. There are two decent partners nothing to do with are issues. Pci has a share of the licence.
The Offer will initially remain open for acceptance until 1.00 p.m. (Dublin time) on 14 April 2016. Further details of the procedure for acceptance of the Offer are set out in paragraph 11 of the letter from Sunny Hill Limited to Petroceltic Shareholders in Part I of the Offer Document and in the Form of Acceptance.
Not kidding
Examinership Process Update Tue, 5th Apr 2016 07:00 RNS Number : 1359U Petroceltic International PLC 05 April 2016 Dublin 5 April 2016 Petroceltic International Plc Examinership Process Update On 4 March 2016 Worldview EHS International Master Fund presented a petition to the High Court of Ireland (the "Court") to appoint an examiner to Petroceltic International plc, Petroceltic Investments Limited and Petroceltic Ain Tsila Limited (together the "Petition Companies") and to admit such companies to the protection of the Court pursuant to the relevant provisions of the Companies Act 2014 (the "Petition"). The full hearing of the Petition was scheduled for 4 April 2016. The hearing on 4 April was adjourned until Friday, 8 April 2016, at which point the application for appointment of Michael Mc Ateer of Grant Thornton as Examiner to the Petition Companies will be heard in full. A further update will be provided in due course.
Algeria Operational Update Tue, 5th Apr 2016 07:00 RNS Number : 1153U Petroceltic International PLC 05 April 2016 Dublin 5 April 2016 Petroceltic International Plc Algeria Operational Update Successful first Ain Tsila Development Well Petroceltic International plc (AIM: PCI) ("Petroceltic" or the "Company"), the oil and gas exploration, development and production company focused on North Africa, the Mediterranean and Black Sea regions, issues an operational update on development drilling on the Ain Tsila gas and condensate field in Algeria. Development well AT-10, the first well of the Ain Tsila development drilling campaign, is located in the north of the field approximately 3.4 km from the field discovery well AT-1, and 2.0 km from the appraisal well AT-8. AT-10 is the first of up to 24 new development wells on Ain Tsila expected to be required to establish and maintain the currently approved annual average wet gas plateau rate of 355 MMscfpd. The well began drilling on 21 February 2016 and on 31 March 2016 it reached a total depth of 2005m MD, with a planned 61m penetration of a fully gas and condensate bearing Ordovician formation. Wireline logging results from the well indicate that reservoir quality is in line with the pre-drill prognosis, with an expected initial off-take rate comparable to AT-1 and AT-8 wells, each of which delivered flow rates in excess of 30 MMscfpd on test. Well test results will be confirmed later in 2016 when planned batch completion, stimulation and testing activities are undertaken. The Sinopec Rig is now moving to the AT-13 development well, located in the north of the field approximately 1.8 km from the appraisal well AT-8, and 6.1 km from the appraisal well AT-1. AT-13 is targeting the Ordovician reservoir and will be drilled as a vertical well to a planned total depth of 2004m MD. Petroceltic holds a 38.25% interest, Sonatrach a 43.375% interest, and Enel an 18.375% interest in the Isarene PSC. Petroceltic continues to benefit from a carry of its development costs in respect of Ain Tsila following the completion of the sale of an 18.375% interest to Sonatrach in July 2014. Commenting on the update, Brian O'Cathain, CEO of Petroceltic said: "We are delighted that AT-10 result confirms the success of earlier wells in the highly productive northern part of the field. The Sinopec Rig performed above expectations on its first well and we have a number of improvement initiatives planned to reduce future well costs, mitigate development risks on Ain Tsila and maintain momentum towards first gas. We anticipate further operational updates and enhancements to the development plan in the near future."
4 April 2016 SUNNY HILL LIMITED ("Sunny Hill") Disposal of 32 per cent. of Petroceltic International plc's Senior Bank Facility by the Worldview Economic Recovery Fund Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund (the "Economic Recovery Fund"), announces that, on 2 April 2016, the Economic Recovery Fund disposed of 32 per cent. of the Petroceltic Group's outstanding indebtedness in respect of the group's Senior Bank Facility to an independent third party investor (the "Disposal"). The Economic Recovery Fund remains interested in 37.44 per cent. of the Senior Bank Facility. Registration of the third party investor as lender of record under the Senior Bank Facility is expected to occur shortly, on the facility agent, HSBC Bank plc, countersigning the transfer certificate under which the Disposal was documented. Capitalised terms or expressions used in this announcement have the same meanings given to them in the Offer Document dated 24 March 2016, unless the context requires otherwise.
Where is it going....
I.e. the private investors share holders means loads as a unit. Example all together would have a total of holdings a voting right .. Take care..
Yes May be your right we are almost there waited this out now ain't we so lets see what news we get by Tuesday. 14 th announced by w.v for acceptance for now. Let's hear the case only a couple of days away now.