Member Info for SunnyRain

Dublin 24 March 2016 Petroceltic International Plc Statement Regarding Worldview Offer Document The Board of Petroceltic International plc ("Petroceltic") notes the announcement made earlier today by Sunny Hill Limited, a company wholly owned by the Worldview Economic Recovery Fund, confirming that it has posted the offer document to Petroceltic shareholders in respect of its all cash offer for the entire issued and to be issued share capital of Petroceltic other than the Petroceltic Shares in the beneficial ownership or control of Worldview International Management Limited SEZC and/or any of the Worldview Funds. Petroceltic will make a statement in due course.

R REGULATIONS OF SUCH JURISDICTION. 24 March 2016 ALL CASH OFFER BY SUNNY HILL LIMITED FOR PETROCELTIC INTERNATIONAL PLC POSTING OF OFFER DOCUMENT On 26 February 2016, Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund, pursuant to Rule 2.5 of the Irish Takeover Rules, announced the terms of an all cash offer to be made by it for the entire issued and to be issued share capital of Petroceltic other than the Petroceltic Shares in the beneficial ownership or control of Worldview and/or any of the Worldview Funds, at a price of 3 pence per Petroceltic Share (the "Offer"). Sunny Hill is pleased to announce that an offer document (the "Offer Document") containing, inter alia, the full terms of, and conditions to, the Offer and the procedure for acceptance has been posted today to Petroceltic Shareholders together with the related Form of Acceptance. 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. The Offer Document and Form of Acceptance will be available for inspection at the offices of Matheson, 70 Sir John Rogerson's Quay, Dublin 2 during usual business hours on any week day (Saturdays, Sundays and public holidays excepted) and at Sunny Hill's website at www.sunnyhill.co (the content of such website is not incorporated and does not form part of this announcement). Capitalised terms or expressions used in this announcement have the same meanings as given to them in the Offer Document and Sunny Hill's announcement of 26 February 2016, unless the context requires otherwise.

("Sunny Hill") Purchase of 69.44 per cent. of Petroceltic International plc's ("Petroceltic") Senior Bank Facility from certain members of the Banking Syndicate by the Worldview Economic Recovery Fund Sunny Hill, a company wholly owned by the Worldview Economic Recovery Fund (the "Economic Recovery Fund"), is pleased to announce that, on 10 March 2016, the Economic Recovery Fund acquired 69.44 per cent. of the Petroceltic Group's outstanding indebtedness in respect of the group's Senior Bank Facility (the "Debt Facility Acquisition") at a significant discount to face value. As at close of business on 9 March 2016, being the latest practicable date prior to this announcement, the total amount outstanding pursuant to the Senior Bank Facility (including accrued interest) was approximately US$232.5 million. Worldview intends to approach Petroceltic and the interim examiner with a proposal to restructure the Senior Bank Facility, as part of a wider restructuring of Petroceltic's capital structure either pursuant to an examinership scheme of arrangement or as a standalone restructuring, which, amongst other consequences, could lead to the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic.

The story goes on. Legal team are working on a case I am confident............................................. I dont see why petroceltic cannot carry on .................................with a major shareholder .....................................

Rns states offer of 3 pence by worldview valid until 14th April. Court on April 4th.

How many shares are in issue? Who owns what percentage of shares? How much debt has the company ? How much is the valuation on the j.v share?

BUSINESS OPINION LIFE & STYLE CULTURE MORE THE ECONOMY Small Business Budget 2016 YOUR MONEY Personal Finance Exchange Rates Markets COMPANIES Financial Services Agribusiness & Food Energy & Resources Health & Pharma Manufacturing Media & Marketing Retail & Services Transport & Tourism TECHNOLOGY Data Privacy Tech Tools WORK Be Your Best COMMERCIAL PROPERTY Construction COMMENT Columnists INNOVATION Petroceltic consults lawyers over Worldview’s examinership move Dissident shareholder seeks to secure court protection for oil and gas firm Fri, Mar 4, 2016, 17:49 Mary Carolan Worldview, a 29 per cent shareholder, has been in dispute with the board of Petroceltic for more than 18 months during which it sought to take over control of the company a number of times. Worldview, a 29 per cent shareholder, has been in dispute with the board of Petroceltic for more than 18 months during which it sought to take over control of the company a number of times. Petroceltic International says it is taking legal advice in relation to a surprise attempt by Worldview Capital, a dissident shareholder with a 29 per cent stake, to appoint an examiner to the exploration company. Worldview on Friday brought a High Court petition aimed at securing court protection for Petroceltic, which owes about $230 million to its banks and is currently unable to make its repayments. Worldview is seeking the appointment of of high-profile Grant Thornton accountant Michael McAteer as an examiner to the exploration company. The matter is due to come back before the High Court for hearing on April 4th. Worldview’s bid to put the future of the company in the hands of an examiner is being viewed as an attempt to up the ante in its long-running row with Petroceltic’s board and management, which it has repeatedly tried to oust. Worldview has been in a bitter dispute with the company for more than 18 months over governance and strategy. Petroceltic and its chief executive, Brian O’Cathain, have previously rejected Worldview’s criticisms and accused it of trying to take control of the company and its prime asset, an Algerian gas field, on the cheap. The examinership move also comes in the wake of Worldview’s offer to buy the company for a cut-price 3p per share, valuing it at just £6.42 million. The shares closed on the London Stock Exchange on Friday at 7.5p. Earlier on Friday, Skye Investments, the investment vehicle headed by Petroceltic chairman Robert Adair, which owns a 19 per cent shareholding in the exploration company, said the latest takeover offer from Worldview undervalued the company and it would reject it. This effectively scuppered the bid, as the offer required 90 per cent acceptance to succeed. The examinership petition seeks protection for Petroceltic International plc and two related companies, Petroceltic Investments Ltd and Petroceltic Ain Tsila Ltd.

Petroceltic and its chief executive, Brian O’Cathain, have previously rejected Worldview’s criticisms and accused it of trying to take control of the company and its prime asset, an Algerian gas field, on the cheap.

The approved Ain Tsila plan of development envisages the production of gross reserves of 2.1 Trillion Cubic Feet of sales gas, 67 million barrels of condensate and 108 million barrels of LPG extracted from an annual average wet gas plateau rate of 355 million standard cubic feet/ day. Development drilling is due to start in Q4 2015 with a newly built rig, contracted from Sinopec, which is currently en route to Algeria. Up to 24 new wells will be drilled and 6 existing wells recompleted prior to first gas, with a production plateau of 14 years maintained by further drilling. 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 to see the continued solid progress of the Ain Tsila project towards the EPC contract award, and onwards towards first gas in 2018. The anticipated award of the EPC to an EPC contractor with significant Algeria experience will be a major milestone in de-risking that schedule."

Irish times Worldview said it “intends to approach Petroceltic and the interim examiner with a proposal to restructure the Senior Bank Facility, as part of a wider restructuring of Petroceltic’s capital structure either pursuant to an examinership scheme of arrangement or as a standalone restructuring”. It said this could lead to “the potential conversion of a significant proportion of the outstanding debt into new ordinary shares in the capital of Petroceltic”. As the largest shareholder with 29 per cent, and now the largest debt holder, the examiner will not be able to construct any rescue deal for Petroceltic that does not have the imprimatur of Worldview. Indeed, it is likely that if Worldview puts forward a proposal to take control of the company itself, it would be in a strong position to push it through. There remains the outside chance that another bidder could trump Worldview, but this would involved paying off the debts in full. As the controller of an entire class of debt, Worldview is in a strong position in the examinership process. It is unknown, however, what intra-bank voting rules were placed on the debt by the consortium of lenders that sold the loans to Worldview.

And would see worldview reap a trading profit but not come away with control of the business However impaired secured lenders have a huge say in blocking restructuring proposals under examinership..... Its key assets in Algeria is the prize ....

Examinership confirmation hearing on the 4th April worldview intends to deal with a proposal to swap the bank Loans it now controls for equity as,part of a wider restructuring hence (A so called loan to own strategy taking control and effectively achieving there goal. This obviously appears,as if shareholders value is now worth little or nothing not the case in theory a bid for petroceltic valued at more than the amount of the secured loans could still sway judge.

This company has not filed for bankruptcy.

http://www.bloomberg.com/news/articles/2016-03-22/hsbc-said-to-take-loss-on-irish-oil-minnow-loans-as-pain-spreads

http://www.irishtimes.com/business/energy-and-resources/hsbc-said-to-take-loss-on-petroceltic-loans-as-oil-pain-spreads-1.2582853

Let's be patient I am confident updates/news will come rolling in..

Thankyou Ps ignore

It's possible like most things that this price will sit in its 4 pounds lower and mid until further updates.

https://m.youtube.com/?gl=GB&hl=en-GB#/watch?v=rWIPQq9oUcw

https://m.youtube.com/?hl=en-GB&gl=GB#/watch?v=emrHIpzjANI