Two directors of an oil firm have retired after “consultation with shareholders” and the entire board of a second company faces a call for its replacement.

Today, Reabold Resources, a key player in the West Newton oil and gas development in East Yorkshire, reported a challenge by a group of shareholders to the current management team .

Yesterday, two directors of Europa Oil & Gas, which has interests at the Wressle oil site in North Lincolnshire, stood down at the annual general meeting.

Reabold challenge

Reabold Resources reported a call by Pershing Nominees, which holds 8.17% of the company’s share capital, for a meeting to vote on the appointment of four new directors and the dismissal of the current board.

The proposed new directors include Kamran Sattar, who led a failed attempt to take control of the company a year ago.

Reabold said a requisition notice from Pershing Nominees included a motion which called for the dismissal of the current co-chief executives, Stephen Williams and Sachin Oza, the non-executive chairman, Jeremy Edelman and non-executive directors, Michael Felton, Marcos Mozetic and Anthony Samaha.

As well as Kamran Sattar, the proposed new directors were named as Andrea Cattaneo, Francesca Yardley and Dr José Ramón López-Portillo Romano.

A statement from Reabold today described the requisition notice as “a further opportunistic attempt to gain control” of the company. It said:

“The Board strongly believes that the Requisitioning Shareholders are seeking to gain control of Reabold, its operational asset base and its cash without paying a control premium. Reabold believes that the interests of certain proposed new directors are not aligned with all shareholders.”

Reabold said it was considering the requisition notice and would respond.

Reabold Resources has a 56% interest in the West Newton operation. This comprises a direct 16.665% stake in the West Newton licence, PEDL183, and a 59% shareholding in the operator, Rathlin Energy.

At the time of writing, Reabold shares were unchanged after an earlier fall.

Directors retire from Europa Oil & Gas

Simon Oddie, Europa’s former chief executive and chairman, yesterday withdrew his candidacy for re-election to the company’s board.

He had been a board member since 2018 and retired as chief executive in March 2023. He had been due to leave the board under company rules, which require a third of members to retire. But the AGM had proposed a resolution to re-elect him.

Another resolution sought to re-elect Stephen Williams, the co-chief executive of Reabold, who had served on the Europa board since 2020.

Europa said in a statement:

“Following consultations with shareholders, these directors have withdrawn their candidacy for re-election and the board has agreed to withdraw these resolutions. Consequently, Messrs Oddie and Williams will no longer be directors of the Company at the close of the AGM.”

Europa’s chairman, Brian O’Cathain, thanked the men for “their invaluable service and advice on the board”.

The board also withdrew two other resolutions on raising additional capital. It said some shareholders had expressed concern about the resolutions.

At the end of September 2023, more than three-quarters of Europa shares (76.47%) are held by 11 investment groups. Details here. Europa’s share price was unchanged on the news.

Update 27/11/23

Europa announced an attempt to call a general meeting to consider resolutions to remove the company’s chief executive, William Holland, and chief operating officer, Alastair Stuart, from the board of directors.

The call came in a letter from a group of shareholders, including Paul Barrett and Erika Syba, who have a combined holding of 5.24% of the company.

Europa said in a statement that Mr Barrett and Ms Syba had resigned from board positions in 2011 and 2010 and had previously tried unsuccessfully to call a general meeting with similar resolutions in 2014.

The company said the board considered the documentation it had received to be “materially deficient” and was not a valid requisition notice under the law. It said the proposed resolutions were not “in the best interests of the company and none of the directors would vote in favour”.