Irish oil explorer Petroneft has adjourned an extraordinary general meeting ahead of a likely agreement with dissident shareholder Natlata, which has been at loggerheads with the board over the running of the firm.

Shareholders had been due to vote on a number of resolutions tabled by Natlata, which owns 29 per cent of Petroneft, including the removal of four current directors.

Both sides, however, agreed to adjourn the meeting until next week pending further talks on a compromise deal, which is likely to see greater Natlata representation on the board as well as unspecified changes to management.

After the adjournment, Natlata owner Maxim Korobov said there was a willingness on the part of the board to compromise while declining to go into the specifics of the proposed deal.

"Strategically they understand the company needs fresh blood," he told The Irish Times.

During the five-minute meeting, Mr Korobov told shareholders he hoped agreement could be reached by Friday.

He also spoke of the need for Petroneft to pursue new assets in Russia, which he said were favourably priced because of the current downturn in oil prices.

Petroneft chairman David Golder said the company and Natlata had made considerable progress towards achieving a compromise, which would benefit all shareholders.

“The agreed adjournment of today’s meeting gives both parties time to conclude a final agreement.”

He also said reaching agreement would allow the company focus on exploiting the potential of its Licence 61 prospect in western Siberia.

Another EGM will now be held on April 25th at which Natlata resolutions will either withdrawn or changed to reflect the proposed agreement.

Natlata had been in dispute with the company for more than two years over various issues, including the financing and farmout of Licence 61.

It had accused Petroneft’s board of mismanagement and failing to adequately address the company’s financial situation.

The Russian firm had tabled a motion seeking the removal of four current directors: chief executive Dennis Francis; David Sanders; Paul Dowling; and Mr Golder.

It had also sought to appoint three of its own nominees Anthony Sacca; David Sturt and Mr Korobov himself.

The move would have given Natlata nominees majority control of the company.

Another Petroneft shareholder General Invest Overseas, meanwhile, has called for another EGM.

General Invest, which owns 10.7 per cent of Petroneft, is also seeking to oust several current directors.