On December 13, 2023, Nero Resources Fund and Collins St Asset Management sent a letter to Carnarvon Energy Ltd, calling for action on a number of issues and warning they were willing to spill the board unless their demands were met. In addition, Nero Resources and Collins St Asset Management stated that Foster and Ryan intended to retire from the board at the Company's annual general meeting in about 12 months' time and said there would be time during 2024 to identify and appoint new directors to the board.