Petrel Resources has announced the lifting of a High Court injunction concerning the ownership of 32 million shares in the group.
The company, which has interests in offshore Ireland, Iraq and Ghana, had obtained a High Court order in 2020 blocking a trio of investors, known as the Tamraz group, from selling shares in the Irish company.
The trio held Petrel shares directly and through a company, and had agreed not to sell them before a certain date under the terms of an investment deal concluded in November 2019, which would have seen Tamraz take a 51 per cent stake in the group.
Petrel later claimed it found evidence that they had sold shares in breach of this agreement.
The company on Thursday announced the lifting of the injunction and a seeming resolution to the dispute with Petrel chairman John Teeling and chief financial officer James Finn acquiring the 32 million shares for £300,000 (€361,000).
Mr Teeling acquired 21 million shares at a price of .935p per share, bringing his ownership of the existing share capital to almost 17 per cent.
Mr Finn acquired 11 million shares at a price of .935p per share, bringing his stake to just over 8 per cent .
