Petrel announces lifting of injunction over disputed shares

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.

Grafton Group to challenge proposed Offaly manure-to-gas plant

---

European natural gas prices edged higher after days of decline

---

An Bord Pleanála clears way for 300-acre solar farm in Meath

---

Flogas announces price hikes for gas and electricity customers

---

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 .