Capricorn Energy’s under-fire chairman, the company's chief executive and three other board members resigned on Tuesday — with the chief financial officer set to join them within days— as internal resistance to activist shareholders’ fight against a business combination with Israeli player NewMed Energy crumbled.

These resignations mark yet another low point for London-listed Capricorn after a planned marriage with Tullow Oil fell through last year after facing a similar avalanche of criticism by shareholders.

Responding to this mayhem, NewMed poured cold water on the likelihood of its acquisition of Capricorn moving ahead, saying the probability of closing the transaction has “significantly decreased”.