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Dublin - Oil producer Petroceltic International's largest shareholder has called for an extraordinary general meeting of the Irish company's shareholders to oust CEO Brian O'Cathain.
Worldview Capital Management, an investment management group which owns 28% of Petroceltic, is seeking to replace O'Cathain, citing "a series of strategic and corporate governance failures" last year.
"These failures included dismal drilling results, poor handling of Petroceltic's $100m placing, and the failed offer by Dragon Oil," Worldview said in a statement.
A spokesperson for Petroceltic said the company rejected Worldview Capital's allegations and that their actions ran counter to the interests of its shareholders.
Petroceltic would formally respond to the request for an EGM in due course, the spokesman told Reuters.
The investment group also seeks to appoint oil industry veteran Maurice Dijols and Worldview's founding partner Angelo Moskov to Petroceltic's board as non-executive directors.
Worldview sued Petroceltic in December, accusing the company of breaching an agreement over a $100m share placement.
Shares in the company were up 0.6% at 122.75 pence in morning trade on the London Stock Exchange.
