Investors turn up heat on PetroNeft Resources and Petroceltic

Activist investor Natlata Partners has reiterated its call for an overhaul of Irish exploration firm PetroNeft Resources’ board of directors.

PetroNeft is holding an egm, convened by Natlata, on April 18 at which shareholders will vote on a number of resolutions including the removal of four current directors of the Irish firm.

PetroNeft’s management and two leading shareholder advisory firms — ISS and Glass Lewis — have urged investors to oppose the motions. PetroNeft recently agreed a deal with partner company Oil India to fund the ongoing development of its Licence 61 asset in Siberia.