JKX Oil and Gas said restriction notices issued by the company against Eclairs Group and Glengary Overseas Limited have been lifted.
A notice had been submitted to court in the UK by the companies after they were restricted from attending an annual general meeting.
The restrictions had been enacted because the JKX board had believed information provided by the two companies were “false or materially incorrect”.
A spokesman for JKX said at a requisitioned general meeting of the company’s shareholders a vote took place where shareholders voted in favour of resolutions to remove the previous board of
directors from office and replace them with the current board.
Following their appointment, the board conducted a review of the facts and circumstances surrounding the issue of the restriction notice.
It was decided on the basis of the information available, there was insufficient evidence to have reasonable cause to believe responses to the notices were false or materially incorrect.
The company said it was then decided it was in the best interest of the company to lift and revoke the restriction notices with immediate effect.
Paul Ostling, Chairman of JKX, said: “On the basis of the evidence that we have seen, and the legal advice that we have received, it appears that there is insufficient justification for
maintaining the restrictions on certain shareholders’ rights imposed by the previous board.
“Accordingly, we have decided to draw a line under this distracting and potentially expensive litigation. Instead we will direct our energy to putting JKX back on track operationally and we will be reporting shortly on the progress that we have made in this regard.”