Dublin-listed oil and gas exploration company PetroNeft and its largest shareholder – Natlata Partners – have reached agreement on the structure and composition of a new board.
An EGM had been due to take place today at which Natlata had put down a number of resolutions, but it has now agreed to withdraw all of them.
The EGM was postponed last week pending the outcome of talks between the two sides.
The Board has appointed Maxim Korobov as non-executive Director, and Anthony Sacca and David Sturt as independent non-executive Directors.
David Sanders, Gerry Fagan and Paul Dowling have left the Board. Mr Dowling will remain as CFO of the company.
G David Golder will be Chairman of the newly constituted Board.
Commenting on the agreement, Mr Golder said: “We are very pleased to come to a workable compromise with our largest Shareholder Natlata. We feel this is the best way forward for all of the Shareholders in the company.
“The agreement allows the company to implement our recently announced Licence 61 work programme with our partner Oil India along with a new emphasis on business development. This will allow the company to take advantage of opportunities in today’s market.”
Natlata Owner Maxim Korobov said: “Natlata has agreed to conclude an agreement with the Board of PetroNeft in the best interests of all Shareholders.
“We look forward to working with the Board to develop the business and to bringing our experience in the Russian market to grow the Company and increase shareholder value.”
