(MENAFN- ProactiveInvestors)Petroceltic International (LON:PCI) has received approval for the transfer of its interest in the Isarene Production Sharing Contract in Algeria to its wholly owned subsidiary company Petroceltic Ain Tsila Limited. This transfer will become fully effective upon formal gazetting in the Official Journal of Algeria which is expected over the coming weeks. Petroceltic is currently locked in a feud with its major shareholder Worldview Capital which has called another EGM after failing with an attempt to oust chief executive Brian O'Cathain in February. Activist investor Worldview called the latest meeting after Petroceltic launched a US$175mln bond sale. Ain Tsila is seen as the jewel in the crown of Petroceltic's Algerian assets. It owns a 38.25% stake state-owned Sonatrach 43.375% and Enel 18.375%.
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