Petroceltic given lifeline as waiver extended by two weeks

Troubled oil and gas explorer Petroceltic, which owes more than $200 million (€179m), has been given a further waiver on its repayments to allow it to seek a buyer.

The Dublin-headquartered group, which was already operating under a waiver, said its banks have now extended it until February 19th.

“The company’s lenders have also indicated their willingness to consider such further waivers as may be required to continue the strategic review process,” Petroceltic said in a statement.

Worldview Capital, a 29 per cent shareholder, which has been in dispute with the company's board for more than a year, has previously announced it is considering making a cash bid, although an offer has yet to materialise.

Petroceltic put itself up for sale in December after a breach of banking covenants on its debts of $217.8 million.