BILLIONAIRE Clive Palmer has emerged as the biggest shareholder in onshore oil and gas explorer Central Petroleum, where former managing director John Heugh is moving to spill the board.
It is believed Mr Palmer is behind the company Petroleum Nominees, which is listed on Central's website as having a 3.8 per cent stake following high share turnover in recent weeks and a jump in the share price.
Whether his status as the largest holder of Central shares lasts beyond an institutional equity raising expected to boost the number of shares by 10 per cent remains to be seen.
Details of the raising were expected to be revealed today.
Petroleum Nominees is understood to have not been involved in the raising and Mr Palmer was yesterday not commenting on his plans.
Mr Palmer does not appear to be part of the move to spill the board.
Some bigger oil companies, including US-based Hess, have been looking at options to farm-in to Central's Amadeus Basin ground near Alice Springs.
The Australian
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