Irish oil explorer Petrel Resources said it was urgently seeking an explanation from one of its shareholders after a payment due for a tranche of shares failed to arrive on time.
The company is also looking into recent share sales amid concerns there could have been a breach of a lock-in agreement.
On Wednesday shares in Petrel Resources closed down 46.3 per cent to 7.25p on the London Stock Exchange.
Petrel said payment for a tranche of shares sold to Tamraz that was approved at an extraordinary general meeting in November was due on January 6th, but had not yet arrived.
The shares issued to the Tamraz group would give the company 51 per cent of the issued share capital of Petrel Resources .
“The shares have been issued and allotted, but not yet delivered in the form of share certificates to the intended shareholders. These certificates are being retained by Petrel Resources plc until payment is received,” the company said in a statement.
Petrel said it was urgently seeking an explanation of the matter, in addition to the sale of shares in recent days.
“The directors believe from their recent analysis of the Register that circa 4 million shares may have been sold over recent days in a possible breach of a lock-in entered into by the Tamraz group over their existing holdings of shares previously subscribed as a condition of the second tranche,” Petrel said in a statement.
“Petrel Resources plc is urgently seeking an explanation of both matters from the Tamraz group and reminding the parties concerned of their lock-in obligations, and an early resolution in the best interests of shareholders.”
