Shareholders of Petroceltic International yesterday voted to approve the terms of a $100 million share placing, which had been held up by a bitter dispute between the board and the company’s largest shareholder, Worldview Capital Management.

The row between the energy exploration company, which has operations in the Middle East, North Africa, the Mediterranean and Black Sea regions, and its 20 per cent shareholder Worldview had previously resulted in the postponing of a meeting to approve the fund raising.

A peace deal between both sides was agreed earlier this month, and the terms of the placing were finally to put to shareholders at an extraordinary general meeting yesterday.

Worldview had previously said the placing trampled on shareholders rights, as 50 per cent of the placing was reserved for Dovenby Capital, a new investor.