On February 12, 2024, IPB Petroleum Limited announced that it has received a notice pursuant to section 249D of the Corporations Act from Shenton James Pty Ltd, Gremar Holdings Pty Ltd, Astute Concepts Pty Ltd, Gregory Hackshaw in his capacity as trustee for the Hackshaw Family A/C and Gregory Robert Hackshaw (together, the Requisitioning Shareholders) requesting the Company to convene a shareholders meeting for the purpose of considering removal of the Managing Director Brendan Brown as a director, and appointment of Simon Chesson, Douglas Jendry and Brett Lawrence as directors of the Company. The Company added that on February 9, 2024 it has implemented various board changes and appointed 3 new non-executive directors (Kane Marshall, Craig Costello and Francesco Cannavo) to the Board.