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Central Petroleum's ex-chief battles for director's role

In the latest twist in the drama surrounding oil and gas explorer Central Petroleum, former managing director John Heugh today sought a Supreme Court injunction to prevent the company calling

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قديم 04-13-2012, 11:18 PM
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افتراضي Central Petroleum's ex-chief battles for director's role

In the latest twist in the drama surrounding oil and gas explorer Central Petroleum, former managing director John Heugh today sought a Supreme Court injunction to prevent the company calling a general meeting which would seek to remove him as a director.

The move follow the company's announcement two days ago that it planned to remove Mr Heugh, one of its founders, from the non-executive position he held on to after he was sacked last month.

Mr Heugh, who jointly-founded the company, has launched proceedings in the Supreme Court disputing his termination.
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Central said it would "defend and oppose the injunction application vigorously", in a statement.

Central Petroleum fell 4.8 per cent to 10 cents on the ASX today.

Meanwhile Central raised $11 million in capital yesterday despite the efforts of shareholder, Petroleum Nominees, believed to be controlled by Queensland Billionaire Clive Palmer, to block the placement.

It is understood Mr Palmer is keen to get a bigger piece of Central, currently focused on onshore exploration in Australia, after securing a 4 per cent stake through companies under Petroleum Nominees earlier this month.



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