There is uncertainty over the future of the deputy chairman and chief executive of Dragon Oil, Dr Oliver Waldron, after Dr Waldron and technical director Mr Grant Bowler gave a month's notice that the services they provide under consultancy arrangements will be withdrawn from June 26th.

A statement issued late last night by Dragon - now controlled by the Government of Dubai - said that while Dr Waldron and Mr Bowler had not resigned or given notice of any intention to resign, "the role which each of Dr Waldron and Mr Bowler will continue to have, following termination of the consultancy agreements will be decided by the board".

Dr Waldron's service contract was through a consultancy agreement between Dragon and his Helm International company under which Helm was paid an annual fee of £148,500 sterling (€228,220) and a discretionary bonus which averaged £53,125 in 1996 and 1997. Dr Waldron could not be contacted for comment.