PetroNeft secures investor support for next two years

Irish explorer PetroNeft Resources has struck a deal that ensures an activist shareholder cannot vote against the board at any general meeting for two years.

PetroNeft — which operates two licences in Siberia — has been at loggerheads with investment firm Natlata Partners, its largest shareholder with a near 29% stake, for a number of months.

Natlata, which invests in distressed or early stage projects in the Russian area, had wanted to overhaul the PetroNeft board, replace certain senior executives and gain more control of the company.