Former Hardman Resources chief executive Ted Ellyard has quit the chairmanship of oil and gas explorer Key Petroleum after a group of shareholders requisitioned a meeting to remove him and two other Key directors.

Mr Ellyard and non-executive director Richard O’Shannassy agreed to walk away after the meeting was called by shareholders representing 9.1 per cent of the company’s shares, but the pair backed a third director, Dennis Wilkins , to remain with the company.