A Federal Court judgment against former Antares Energy executive chairman James Cruickshank should sound a warning to directors of resources companies considering announcing sales contracts or M&A deals without naming the counterparty, according to the corporate watchdog.

Mr Cruickshank has been disqualified from managing companies in Australia for four years and fined $40,000 in the ruling on a case brought by the Australian Securities and Investments Commission over disclosure by the oil and gas explorer in statements to the stock exchange in 2015.