(Alliance News) - Global Petroleum Ltd on Monday said it was working with its shareholder, who asked for the removal of the company's chief executive, chair, and a non-executive director.
The Africa and Mediterranean focused oil and gas explorer said it has received a proposal from Omar Ahmad, who is a 5.04% shareholder.
It said Ahmad has asked for the removal of its chief executive, chair, and a non-executive director. It asked for three new directors, with a "view to taking the company forward."
"The Global board is having positive collaborative engagement with Ahmad's representatives in relation to the proposal and a further announcement will be made in due course," Global Petroleum commented.
At the end of October, Global Petroleum said in the financial year ended June 30 pretax loss narrowed to USD1.3 million from USD1.6 million a year earlier. The group currently posts no revenue.
Shares in Global Petroleum closed up 3.3% to 0.078 pence each in London on Tuesday. In the last 12 months, the stock is down 81%.
By Sophie Rose, Alliance News senior reporter
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Global Petroleum (GBP)