A small Jersey island-based company, New World Oil and Gas, has seen nearly 50 percent of its shares mistakenly acquired by the son of a bed and breakfast owner in Malvern Hills in England. The company carries out oil exploration and development in Belize and Western Denmark.

In a statement to World Finance, a spokesperson for New World Oil and Gas said “Through no fault of its own, there has been confusion regarding the share register, which has prompted the announcements by the exchange as well as the company. The board cannot comment on individual circumstances that may have arisen. In the meantime management and its advisors want to focus on securing capital and advancing its business strategy to deliver value for its investors.”

On behalf of his mother, Judith Williams, the owner of Wyche Keep Country House, Christopher Williams intended to buy a 10 percent stake in the oil company through a broker, reports Business Insider. However, his purchase accidentally amounted to 48.7 percent of the firm, accounting for 342 million of New World Oil and Gas’ total of over 700 million ordinary shares, according to the British Takeover Panel.

While the total number of shares held by Williams has since fallen to 36 percent, according to a company statement, under British law, if someone owns more than 30 percent of shares in a company they are required to make a cash offer to the other shareholders. Whether or not the British Takeover Panel will force Williams to do so has not yet been decided.

Business Insider reports that the company intends “to hold an extraordinary general meeting (EGM) in order for shareholders to vote on the company launching an “open offer” (rights issue). A rights issue is when a company gives shareholders the opportunity to purchase stock at a lower price than that of the current market price.”