The report confirmed “the occurrence of certain irregularities committed by previous management”, according to SacOil, which engaged EY to carry out the investigation after its bid to acquire interests in blocks I and II in DRC failed.

The South African player is currently evaluating the report’s recommendations and is also in the process of informing the relevant regulatory authorities of the irregularities identified, it said without giving indications on what these might be.

In June, chief executive Robin Vela and two non-executive directors, Bill Guest and John Bentley,suddenly quit the company after shareholders rejected a debt-equity conversion plan that called for $17.6