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* Exillon to hold EGM after request from shareholderWorldview Capital * EGM to consider removal of chairman, appointment of threenew directors * Shares fall 10 pct By Sarah Young and Megan Davies LONDON/MOSCOW, Jan 14 (Reuters) - Russia-focused oilproducer Exillon Energy is to hold a shareholdermeeting to consider a proposal for a management shake-up at theLondon-listed company by one of its biggest investors. The shareholder, Worldview Capital Management, which said itowns a 13 percent stake in Exillon, has called for a managementoverhaul and strategic review amid what it described as "boardinexperience" and "significant underperformance". A shareholder vote at the extraordinary general meeting(EGM) will consider the removal of chairman David Herbert andthe appointment of three new directors proposed by Worldview,Exillon said. "We have been trying to engage with the board in a veryconstructive way since May," said Andrey Kruglykhin, foundingpartner of Worldview, which initially invested in Exillon inlate 2011. "Unfortunately the board has little will to implement anychange. They also deny the existence of any problem." Shares in Exillon have halved in value in the last 12months, trading down 8 percent on the previous session at 134pence by 1510 GMT on Monday, valuing the firm at around 217million pounds ($350 million) according to Thomson Reuters data. The shares hit a low in June last year of 86 pence. Exillon said in a statement that it has engaged extensivelywith Worldview over the past seven months and that all thematters raised are "public information, and in most cases havebeen public information for over a year". Exillon's EGM comes amid growing investor concerns in Londonabout some companies in the natural resources sector. While suchcompanies have increasingly dominated the trickle of businessesgoing public in London, high profile difficulties at some, suchas Indonesian miner Bumi, have made investors morewary. INVESTOR CONFIDENCE Exillon, which has assets in Russia's oil-rich regions ofTiman-Pechora and Western Siberia, is one of a clutch of oilindependents working in Russia, the world's largest oil producerwhere the top six firms, led by state-owned Rosneft,account for nearly 70 percent of output of 10.5 million barrelsper day (bpd). The company, which pumped 16,000 bpd in December from itstwo Russian fields, has acknowledged that its volatile monthlyoutput figures have been a matter for debate with itsshareholders and that it will switch to quarterly reporting. In a letter made public on Monday, Switzerland-basedWorldview said that it believed Exillon's chairman and its chiefexecutive, Mark Martin, lacked experience in the oil sector,which had resulted in production setbacks. Herbert was previously Head of International CorporateFinance at ING Bank and has worked for more than 10 years at BP, according to Exillon's website. Martin previously ranEquity Capital Markets at ING and led a number of deals for oiland gas clients in Russia, the web site said. Worldview also raised concerns about the role of thecompany's former executive chairman Maksat Arip, a Kazakhbusinessman who owns 30 percent of Exillon and who was formerlychief executive of Kazakhstan Kagazy, anotherLondon-listed firm. Exillon, which floated in London in December 2009 with aplacing at 153 pence a share, was fined nearly 300,000 poundslast April for failing to disclose payments made to Arip when hewas chairman. "We are not coming to rock the boat, we are trying toprotect our investments, make sure investor confidence isrestored and add value to the board," said Kruglykhin. Analysts at Mirabaud said in a research note that whileExillon has suffered setbacks in the past, "it is hardly anexception to the rule and recent operational performance on theground has been strong". "Indeed, we would argue that the outlook for Exillon isrosier than it has been for some time making the timing of therequisition seem a little strange," said Mirabaud.