Business World

Tuesday 23 January 2018

Petroneft shareholders begin voting in first of extraordinary general meetings

Donal O'Donovan

Donal O'Donovan

Shareholders in oil company Petroneft have begun voting following the first of two extraordinary general meetings being held today.

The first meeting held this morning was to seek approval from shareholders for an $85m 'farm out deal' with Oil India Ltd which will pay for developed the companies Licence 61 exploration site in Tomsk, Russia.

Shareholders were told the terms of the deal could be changed if there is a a major change of a management at Petroneft in the next three years.

Ahead of the meeting more than 99pc of those shareholders who had opted to vote by proxy had already backed the plan, though the final count will not be known until later this afternoon.

A second, separate meeting, where resolutions in including a proposal to remove five of the seven directors of Petroneft from the board will be voted on.

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