(Corrects to show ownership percentage in paragraph two is 20
percent, not 17 percent)
LONDON, July 4 Irish oil and gas explorer
Petroceltic has reduced its board by two members to
seven and appointed two new non-executive directors nominated by
major shareholder Worldview Capital Management, the company said
The changes meet Worldview's demands to reshuffle the board
after the company, which owns 20 percent of Petroceltic, had
blocked a $100 million share placement.
The reshuffle has created an unusual situation where chief
financial officer Tom Hickey and chief operating officer David
Thomas have stepped down from the board but retain their
The Switzerland-based hedge fund chose two former RusPetro
directors to join the board, ex-chief executive Don
Wolcott and former non-executive director Joe Mach.
"We welcome Don Wolcott and Joe Mach to the board of
Petroceltic and look forward to working with them over the
coming years," said Robert Adair, chairman of Petroceltic.
(Reporting by Karolin Schaps; editing by Foo Yun Chee)