OREANDA-NEWS. Worldview reiterates its significant concern and legal proceedings against Petroceltic International Plc ("Petroceltic" or the "Company") in the face of continuing and damaging corporate governance failings.

Worldview Capital Management, an investment management group which holds more than 27 % of the share capital in Petroceltic, notes Petroceltic's latest press announcements in relation to James Agnew's resignation from the Board and the legal proceedings brought by Worldview in relation to Petroceltic's breach of a corporate governance agreement ("the agreement") entered into between Worldview and Petroceltic which was announced by Petroceltic on 16 June 2014 (the "Proceedings").

Worldview welcomes Mr Agnew's resignation, which came shortly after Worldview wrote to the Board outlining our concerns regarding potential conflicts of interest in light of Mr Agnew's imminent appointment to a senior management role at KPMG, Petroceltic's longstanding auditors, and demanding that Mr Agnew resign.   We note however that news of Mr Agnew's appointment at KPMG was made public in mid-October 2014, at which point good corporate governance would have been to announce Mr Agnew's departure from Petroceltic; indeed this would have been mandatory for a company on the Main Market, where Petroceltic has stated it aspires to be listed. 

As with the Company's \$100 million placing earlier this year, we are disappointed that it has once again fallen to Worldview to ensure that good governance practices are followed at Petroceltic.   These governance failings point to a lack of leadership on these important issues by the Chairman, which reinforces Worldview's determination to pursue the Proceedings, notwithstanding the Company's announcement earlier today.  

Worldview strongly believes that a strategic, business and operational review of the scope and nature agreed by Petroceltic in the agreement has not been carried out and therefore believes the Proceedings are entirely justified in the interests of all shareholders.