It is quite common that executives and directors have positions in one or more other companies. Ideally it would be nice for shareholders to have them divert all their attention to your company, but in a free market who is to say they cannot have other ventures. In some cases, they may pick up some skills/tricks learnt from one venture and transfer them to another.
Last I checked, Iberian Resources does not appear to be a subsidiary under Petaquilla and are not being paid a dual salary by PTQ shareholders. These shareholders could demand for a decrease in salary, but the amount in savings seems negligible and not worth the risk of lowering management morale which hurts operating performance.
Unless there is a related party transaction between Iberian and Petaquilla, I don't think there is a conflict of interest.
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