Petroneft reaches deal with Natlata as three board members leave
The long-running battle over board composition between Irish oil and gas firm Petroneft and its largest shareholder Natlata Partners appears to have reached a conclusion.
Natlata, which is headed up by Russian businessman Maxim Korobov, was seeking the removal of four board members but will now rescind all of the resolutions it was due to put forward at an emergency general meeting this morning.
Mr Korobov has been appointed to the board as a non-executive director while Anthony Sacca and David Sturt have both been appointed as independent non-executive directors.
Meanwhile, David Sanders, Gerry Fagan, and Paul Dowling have all left the board. However, Mr Dowling will remain as the firm's chief financial officer.
Petroneft chairman David Golder said the company was pleased to come to a "workable compromise" with 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," he said.
Natlata owner Mr Korobov said the company had come to an agreement that suits the best interests of the shareholder.
"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," Mr Korobov said.
Today's news comes ahead of an EGM that had been postponed since last Monday. Prior to the meeting Natlata had outlined its resolutions, which included the removal of chief executive Dennis Francis and directors David Sanders, Paul Dowling, and David Golder.
The new make-up of the board is as follows:
• G. David Golder – Chairman
• Dennis C. Francis – CEO
• Thomas Hickey – independent non-executive Director
• Maxim Korobov – non-executive Director
• Anthony Sacca - independent non-executive Director
• David Sturt – independent non-executive Director