Full coverage: Roger Tamraz

Although both the Irish oil explorer’s board and new investors led by businessman Roger Tamraz say they want to keep working together, the cancellation of disputed shares earmarked for a reverse takeover leaves little room for their grand plan to take place.

Since a January High Court injunction froze dealings between the Irish oil explorer Petrel Resources and its new largest shareholders, their stake has remained under the threat of a loan agreement signed with a mysterious US lender.

The stake of Petrel Resources’ largest shareholders remains frozen by a court order, but the company and its new investors have agreed to put the dispute down to an alleged fraudulent loan default triggered by a US lender – and plough ahead.

A stake held by businessman Roger Tamraz and his associates at the centre of a dispute between Clontarf oil explorer Petrel Resources and its new majority owners remains frozen by the courts as allegations of an unlawful loan default emerge.

Petrel Resources’ share price has been on a rollercoaster since it unveiled takeover plans by investors with deep connections in the Middle East. Less than six months into their honeymoon, the partners are lawyering up.