A High Court injunction blocking the sale of shares in Irish oil and gas exploration company Petrel Resources has been overturned.
The London-listed company said Thursday that Chairman John Teeling and Chief Financial Officer James Finn have now acquired just over 32 million shares that were the subject of the injunction.
The shares were acquired by EYCP LLC and SRT Capital SPC, Ltd for £300,000, Petrel said in a statement.
John Teeling has acquired just over 21 million shares at a price of 0.935p each, taking his stake to 16.88 percent of the issued share capital, the company announced on Thursday.
James Finn purchased 11 million shares, increasing his ownership to 8.14 percent of the issued share capital.
Shares of Petrel rose 14 percent in early trading Thursday just after the announcement, according to Dow Jones Newswires.
The shares were previously held by three investors known as the Tamraz Group.
The injunction was acquired in 2020 as Petrel attempted to prevent investors from “unlawfully” selling newly issued shares.
Petrel said at the time that it had reached what it believed to be a long-term investment agreement with the three men in 2019, which included a lock on new share sales until August 2020.
Petrel said the investors bought a 29 percent stake in the company but wanted to increase it to 51 percent. However, the firm later said Tamraz was unable to complete the purchase of the additional shares and ownership of most of the 29 percent has become uncertain.
Petrel applied for the injunction after allegations some of the shares were unlawfully traded in January 2020.
The lawsuit targeted several investors, including Roger Edward Tamraz of the United Arab Emirates, and Michel Fayad and Said Mehraik, who live in France.
Petrel has interests in Ireland, Iraq and Ghana.
https://www.independent.ie/business/world/shares-in-oil-and-gas-firm-petrel-sold-after-court-injunction-lifted-41553040.html Shares in oil and gas company Petrel sold after court order was overturned