Central Petroleum shareholders back Cottee
Central Petroleum shareholders back Cottee

Central Petroleum's incumbent board has won the first round of a fiery shareholders meeting in Perth today.

Shareholders of the strife torn oil and gas explorer have approved the election of former Queensland Gas Company boss Richard Cottee as their new chief executive and the ousting of founding chief executive John Heugh.

The meeting was not without fireworks.

Parties aligned with Clive Palmer took just four minutes to move a motion that the first of two meetings scheduled for this afternoon be adjourned.

When chairman Henry Askin said no motions from the floor would be entertained, another shareholder apparently aligned with Sydney investors Robin Judd and Simon Philis objected.

The meeting was adjourned for about 15 minutes before resuming.

A little less than 50 per cent of shareholders cast their votes, which were 73 per cent in favour of Mr Cottee's election. All other resolutions were passed.

Central Petroleum has been at the centre of an increasingly messy shareholder stoush, which has included legal battles, for months, with shareholders split into at least four opposing camps.

Shares in the company were in a trading halt having last changed hands for 12.5 cents.

The West Australian

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