Administrators of the dusted Australian-listed Texan oil spruiker Antares Energy have accused the company's former executive chairman of breaches of fiduciary duties, fraud and theft after advising the Australian Securities and Investment Commission of concerns over past management's conduct.

It is understood that ASIC had already opened an investigation of the circumstances of the demise of Antares and that the regulator has conducted interviews with former executives using its Section 19 powers, which compel witnesses to answer questions.