Oil exploration company Petroceltic has applied for its shares to be suspended from trading on Dublin's ESM and London's AIM markets from this morning.

This follows a move by its biggest shareholder, Worldview, to make a petition to the High Court to appoint an examiner to the company on Friday.

In a statement this morning, Petroceltic said the petition was made without any prior consultation with or advice to it. It said it was taking legal advice on the matter.

The full hearing of the petition has been adjourned until April 4. The High Court did not appoint an interim examiner pending the hearing of the petition, however it did grant the full protection of the examinership process to the petition companies.

"Given the significant uncertainties in relation to the group's financial circumstances arising from the petition, the Company has applied for its shares to be suspended from trading on AIM and ESM with effect from 7.30am on Monday 7 March until such time as the uncertainties can be determined," the company said.

Worldview has been in dispute with the company for over a year.  

Petroceltic said it a further waiver on its debts by lenders was agreed last Friday. However it said the waiver could not be concluded given the petition.

The examinership move comes in the wake of Worldview’s offer to buy the company via its Sunny Hill subsidiary for 3 pence per share.

The company has said the offer undervalues it.