Irish oil firm PetroNeft is considering the staging of an extraordinary general meeting (EGM) to discuss the dismissal of the majority of the company’s directors.
Shareholders Natlata, who own more than 10% of PetroNeft’s share capital, have called for the removal and replacement of Dennis Francis, David Sanders, Paul Dowling, David Golder and Vakha Sobraliev, the Russian-focused firm said in a statement.
The proposals also include special resolutions directing the board to undertake certain due diligence, consider refinancing proposals and to require any transaction in relation to licence 61 to be subject to shareholder approval.
The firm, who was looking to farm out the Tungolsky 61 licence, in Siberian Tomsk Oblas, to Oil India earlier this year, said it was “continuing to make solid progress with a large international oil and gas company” and was hoping to finalise the transaction within the coming weeks.
PetroNeft has advised its shareholders to vote against the proposed resolutions if the EGM was to take place.