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(Alliance News) - Borders & Southern Petroleum PLC on Wednesday said its chief executive officer has informed the board he intends to stand down.
The oil and gas exploration company focused on the Falkland Islands said Co-Founder Howard Obee has agreed to stay on until the end of the month, before being replaced by Harry Baker at the start of March.
"As one of the co-founders, [Obee] has led the company for nearly 20 years, delivering exploration success, including the company's Darwin gas condensate discovery," said Borders & Southern.
The company said Baker has nearly 24 years of capital markets experience and "a wealth of experience" in the natural resources sector.
Non-Executive Chair Harry Dobson commented: "The technical work undertaken by Howard and his team in opening up a new basin is second to none, and both I and the board are grateful for all he has done to progress the Darwin discovery to this point. I sincerely believe that the South Falklands Basin will achieve recognition as a world-class hydrocarbon system and he can be proud of what he has achieved in his time with the company."
Shares in Borders & Southern were up 0.1% to 2.00 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News senior reporter
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