(Alliance News) - Petrel Resources PLC on Friday said its High Court application to block trading in its locked-in shares was successful.
Shares in Petrel closed up 14% at 12.50 pence in London.
Oil and gas exploration company Petrel said its application to the High Court in Dublin for a broader interlocutory injunction against trading in its locked-in shares was successful and was not contested.
This followed a previous successful application to the High Court in Dublin for an interim injunction over locked in shares on Friday last week.
On January 8, the company had said it hadn't received payment for the second tranche of shares issued to the Tamraz investor group, as well as noting a potential share lock-in violation. The Tamraz group consists of private equity investors, friends and business acquaintances of Non-Executive Director Roger Tamraz and Michel Fayad.
The locked in shares are blocked from trading until a full hearing, and possibly a full resolution. Petrel said it has notified relevant parties of the injunction and its lawyers have reminded Tamraz group of its obligations.
Petrel said Fayad, though he remains a director, "has now agreed to step aside from his director's duties for the time being, pending satisfactory resolution of all outstanding issues to the satisfaction of the board."
By Anna Farley; annafarley@alliancenews.com
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Petrel Resources (PET)