Exploration company Petroceltic International said a court examiner had selected its largest shareholder, Worldview Capital Management, to take control of the group. 

Petroceltic, which received a 3 pence per share offer from Worldview in February, said it expected to sign an investment agreement over the coming days which would result in Worldview owning the company. 

The company was placed in examinership in March.

The company, which operates in Algeria, Egypt, the Black Sea region and the Kurdistan region of Iraq, has been struggling due to the collapse in global crude oil prices.