ARCHIVE

Drillsearch subsidiary hit with legal action

The former vice-president (exploration) of Drillsearch Energy subsidiary Circumpacific Energy Corporation and five other minor shareholders have launched legal action against the company for alleged shareholder oppression.

Former VP, William R. May, and five Calgary-based stockholders filed the petition in the Supreme Court of British Columbia last month claiming the affairs of Circumpacific had been conducted in a manner that was "oppressive and unfairly prejudicial to the interests of the minority shareholders of Circumpacific".

The action is understood to centre on the alleged improper transfer of funds from Circumpacific to major shareholder Drillsearch Energy. The action also claims that $388,000 worth of shares in a financing deal were not properly paid for.

The shareholders named as plaintiffs are Mr May, Robert Schiesser, Bert Peters, Peter Weichler, Dan McArthur and David Smiddy.

The named defendants include Circumpacific, the company's managing director Philip Francis Kelso and fellow or past directors Charles E Ross, Malcolm Fraser, Michael Silver and Graham Charles Reveleigh.

On Friday, Drillsearch Energy put out a statement to the ASX saying that the company "is of the view that the proceedings are entirely without merit." Circumpacific has briefed legal counsel to defend the proceedings.

Attempts by EnergyReview.net to discuss the action with Mr Kelso were unsuccessful.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry

editions

ENB Social Licence Report 2021

In its second year, this research now includes trends and new findings surrounding impacts and responses as the energy industry seeks to secure and maintain a social licence to operate.