The auditor to MinMet, the privately owned Dublin-based oil and gas explorer, has refused to sign off the company's 2008 accounts.
In its report, Deloitte & Touche said it was "unable to obtain sufficient appropriate audit evidence" to confirm the value of certain assets and energy discoveries. Chairman Michael Neville said Deloitte's view had been "challenged" and that "Blue bloods of the industry", such as consultant Gaffney Cline, backed up MinMet's valuations of its assets.
In 2008, the then AIM-listed firm was reprimanded by the London Stock Exchange for, among other things, failing to make timely announcements. MinMet criticised the ruling, but accepted the censure and delisted.
Activist minority shareholder Waseem Shakoor said: "Deloitte & Touche has admitted the accounts are not worth the paper they are written on."
The accounts show a pre-tax loss of more than £9.6m in 2008, against a pre-tax profit of nearly £7.6m in 2007.Reuse content