Algeria: Activist shareholder resists Petroceltic’s fundraising

Dublin-based Petroceltic intends to award an engineering, procurement and construction (EPC) contract for its Ain Tsila development by year-end, but must do so in the face of an intense campaign against its senior management by activist shareholder Worldview International Management. To complete the development of its Algerian gas field, Petroceltic needs to raise additional finance. The company was disadvantaged by the last minute withdrawal of Dragon Energy from takeover discussions in December in the wake of the collapse of the oil price. It has proposed instead to raise a $175m bond on the international markets, but in early August postponed the launch citing “volatile market conditions” and other technical factors.