PetroNeft cancels restriction notice against Natlata

Irish oil explorer PetroNeft has cancelled a restriction notice it recently issued against Natlata Partners in a bid to stop the shareholder from voting at an extraordinary general meeting (egm) to be held later this month.

Natlata, which called the egm for April 18th, said on Tuesday it had received the notice from PetroNeft, in a move designed to stop it from voting on a number of resolutions it has tabled.

Russian-based Natlata, which is PetroNeft’s largest shareholder with a 29.47 per cent stake in the explorer, has been in dispute with the company for over two years over the financing and farmout of Licence 61, in western Siberia.

Natlata has accused PetroNeft’s board of mismanagement, saying it had failed to come up with a proper way to address the company’s finances other than to spend more money.

The company has proposed removing four of PetroNeft’s current board and replacing them with three of its own nominees.

General Invest Overseas, which has a 10.7 per cent stake in PetrofNeft, also received a restriction notice from PetroNeft earlier this week.