The Takeovers Panel has rejected an application by Tap Oil claiming its two biggest shareholders had become associated, with the panel refusing to make a declaration of unacceptable circumstances.

Last month, the oil and gas explorer requested the disclosure of details surrounding major shareholders Risco Energy Investments and Chatchai Yenbamroong, and for the pair to be restrained from voting at the company’s annual meeting.

Mr Yenbamroong has a 22.5 per cent stake in the company while Risco has 22.1 per cent, which includes holdings by Suncastle Equities.

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