Petroceltic International (LON:PCI) is facing legal action from major shareholder Worldview Capital Management after allegedly failing to complete a strategic review.
The Ireland-based oil and gas group, which recently saw a takeover bid from Dragon Oil (LON:DGO) withdrawn due to the slide in the crude price, said Worldview is also seeking direction from the Court on how any review would be undertaken.
Petroceltic added the legal proceedings are totally without merit and misconceived.
It is to host a capital markets day presentation on 28 January and chairman Robert Adair has written to Worldview with the offer of a meeting to discuss the issues it has raised.
This is in addition to the number of offers of meetings or calls that have been made by Petroceltic to Worldview over the last number of weeks.
Adding while it would like to avoid the costs and time involved in a legal case, it will vigorously defend itself if Worldview pursues the proceedings.
Worldview owns 27.02% of Petroceltic.