Courts / Dublin / Report

Oil exploration firm granted injunction against investors

Summary

Petrel Resources Plc secured a temporary High Court injunction to stop certain investors from selling newly issued shares. The firm claimed it had a long‑term investment agreement with several fossil‑fuel experts, including a 'locked‑in' clause preventing sales until August 2020. Petrel discovered unlawful trading of its shares and sought information on the trades, which it said breached regulatory rules. The injunction, granted ex‑parte by Justice Leoine Reynolds, bars the defendants—UAE‑based Roger Edward Tamraz, Michel Fayad, and Said Mehraik, all residing in France—and any party with knowledge of the order from selling or transferring any newly issued shares. It also requires Chase Nominees Ltd to remain the registered owner of the shares and prohibits any change to that registration. The order is returnable in a week. Petrel's counsel argued that the alleged breaches could seriously damage the company's reputation and business.

Who, what, where, when and why

What: Report matter: Oil exploration firm granted injunction against investors. Procedural stage: charge_or_pretrial

When:

• August 2020 Other
• 2020-01-17 Publication

Places mentioned

Topics

Stage Charge Or Pretrial

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Read the original CNI report