A Cayman Islands fund linked to Worldview Capital yesterday posted its offer document to shareholders of troubled oil and gas explorer Petroceltic International, which it is proposing to buy at a knockdown valuation of less than £6.5 million (€8.2 million).

It also warned shareholders the offer could become moot, however, if the examinership process that Petroceltic is embroiled in results in a wipeout of the company’s equity.

The 29 per cent shareholder Worldview, which also this month bought almost 70 per cent of Petroceltic’s bank debt at about 30 cents in the dollar, is in pole position to take full control of the explorer through acceptance of its offer or by calling in its share of the debts.

The loans are secured on Petroceltic’s assets, including its production assets in Egypt and its prime asset, a share of a gas field in Algeria. It has been surviving on bank waivers for months.

Worldview, which has prevailed in a bitter dispute with Petroceltic’s management, originally indicated it would make its offer last month.

It has now formally tabled its proposal to pay just over £4.5 million for the 71 per cent it did not own, or 3p a share. It continues to insist, however, that the shares are effectively worthless.

“[Worldview] continues to believe that the value of the equity in Petroceltic is close to zero, given the parlous financial position of the company,” it said.

“However, as an incentive to Petroceltic shareholders to accept the offer, in order to allow . . . Worldview to accelerate addressing the company’s indebtedness issues” it will still offer 3p a share, it said.