Shareholders in Minmet, a Dublin and London-listed oil and gas company, have approved plans to change the company's name to Achill Resources after an eventful agm in Dublin yesterday.

While the resolutions, which included the name change, the reappointment of several directors and permission to grant new shares, were all overwhelmingly passed as a result of proxy votes sent in ahead of the meeting, the agm was interrupted on several occasions by questions from disgruntled shareholders.

Minmet has undergone substantial changes in the past few years as the management has sought to transform it from a struggling exploration company to a broader oil and gas group with interests in different mining companies.

At yesterday's meeting one individual with a substantial shareholding raised several objections to the group's decision to invest in Gold Oil, saying the company had a very poor record of achievement.

He also criticised Minmet's decision to focus on Bolivia and Venezuela, both of which have nationalised oil industries and are difficult countries in which to do business.

Minmet chairman Michael Neville defended the company's decision, and said Minmet was now in a "much stronger" position than in the past, and was ready to move forward and generate value for shareholders.

At the end of December, Minmet had $13 million of cash in the bank and $10.8 million worth of equity investments.

It currently has one producing asset, the Bjorkdal gold mine in Sweden, although it is hoping Gold Ore Resources will exercise an option to buy the mine at the end of the year, realising a maximum of $6.4 million for Minmet.

Mr Neville admitted there was nothing particularly relevant about the new choice of name except to say he believed it reflected the group's Irish origins.

Minmet's current focus is Latin America, although Mr Neville did not rule out investing closer to home.