Petroceltic said it was considering a number of options for the company’s future including the sale of some or all of its assets.
The board said options being considered include a farm-out or sale of one or more the company’s existing assets, a merger with a third part, or the sale of its entire issued share capital in
the form of debt or subscription of new ordinary shares.
Dragon Oil has ditched its £492million takeover bid for Petroceltic.
The move would have seen the company potentially benefit from Petroceltic assets in North Africa and Kurdistan.
However, Dragon Oil said it no longer intends to make an offer on the back of “prevailing market conditions”.
