Corporate raiders oust CEO, board of Carnarvon Energy
Activist investors have rolled the board at Carnarvon Energy, including ousting its managing director, after raiding the share register amid frustrations over its handling of a major offshore gas project majority-owned by Santos.
Nero Resources Fund and Collins St Asset Management unified to stage the regime change and force Carnarvon to pledge to the market on Monday that it will not acquire new assets and may even sell some of its interests, which are scattered in the Bedout basin off Western Australia. Further, it will cut administrative costs, and work with Santos to speed up drilling at the Dorado field in which Carnarvon is a minority owner.
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