Petroceltic Directors Quit following EGM Vote

Two directors have resigned from the board of junior explorer Petroceltic International in the wake of the failure of an activist investor to remove Chief Executive Brian O'Cathain at the end of February.

Monday saw Petroceltic issue a statement in which it said that Don Wolcott and Joe Mach had tendered their resignations following the decision of the company's shareholders to back O'Cathain in a recent vote. 

On February 25, more than three-fifths of shareholders supported keeping O'Cathain in place at an extraordinary general meeting in Dublin after Worldview Capital – a significant shareholder in Petroceltic – had challenged his leadership of the firm. Worldview had been seeking to oust O'Cathain after what it described as a series of strategic and corporate governance failures during 2014 – an allegation that Petroceltic strongly rejected.

Petroceltic Chairman Robert Adair commented Monday:

"On behalf of Petroceltic, I would like to thank Don Wolcott and Joe Mach for their active contributions to the board, and for their continuing support and good wishes for the company. We wish them well in their future endeavours."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Project Manager
Expertise: Project Engineer|Project Management
Location: Odessa, 
 
Administrative Assistant IV
Expertise: Executive|Secretarial or Administrative
Location: Houston, TX
 
United States Houston: HR Operations Partner, Sr
Expertise: HR - General|HR - Recruitment
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours