The High Court will rule on Monday on an application by Irish oil and gas exploration firm Petroceltic for an injunction preventing an EGM called by its largest shareholder Worldview from going ahead.

Petroceltic claimed Worldview International Ltd SEZC, which through a nominee company holds 29 per cent of Petroceltic’s share capital, convening of an EGM in London on October 5th is unlawful and should not be allowed proceed.

Worldview seeks to put two resolutions before the EGM: that the shareholders do not approve of Petroceltic’s decision to issue senior secured callable bonds announced last June or of Petroceltic incurring any new borrowings or issuing any new debt securities.

Petroceltic wants the injunction to remain in place pending the final outcome of the dispute between the parties. Their application is opposed by Worldview.

On Friday evening, following the conclusion of submissions from both parties, Mr Justice Henry Abbott said he would give his decision on Monday morning.

While Worldview had made its views well known it wants the EGM to proceed so all shareholder views can be known on plans by Petroceltic to issue bonds.

The passing of the resolutions would cause Petroceltic difficulties, create uncertainty and impede the directors in the performance of their obligations, it is claimed.