Wolf Petroleum is in a bind as one of its two Aussie directors quits
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Wolf Petroleum has been forced to go into a suspension after one of its two Australian-resident directors quit.
The company (ASX:WOF) revealed after market close yesterday that it “may no longer be in compliance with section 201A(2) of the Corporation Act” after Johnson Xiang Qian Huang resigned as a director.
The Corporations Act states that a public company must have at least three directors and at least two must ordinarily reside in Australia.
Wolf announced yesterday that Mr Huang had resigned but did not say why.
The company has requested the suspension until August 6.
Wolf has oil and gas projects spanning 74,000 sq km close to Sinopec’s 195-million-barrel oil block in Mongolia and PetroChina’s 2.25 billion-barrel block in China.
Stockhead is seeking comment.