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Petroceltic reduces CAPEX in its Bulgaria exploration oil blocks

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Petroceltic initiated a reduction in capital investment programmes in Bulgaria, and adjustments to reserves. Worldview Capital Management may takeover Petroceltic.

Petroceltic International PLC Monday it has been granted another debt repayment extension until later this month.

The latest extension runs until February 19, but the company reiterated its lenders have indicated they are willing to consider other waivers in the future whilst it conducts its strategic review.

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Petroceltic initiated a formal strategic review of the business and its assets back in December as the company continued to struggle to make repayments under its senior bank facility due to a drop in oil prices, reduction in capital investment programmes in Egypt and Bulgaria, and adjustments to reserves.

A substantial shareholder in the company, Worldview Capital Management Ltd, said it was considering making a takeover bid for the company in January after campaigning aggressively for change at the top of the company.

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