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 $1.3 million from $1.6 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%.
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