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(Sharecast News) - Europa Oil & Gas Holdings announced on Thursday that, by mutual agreement, chief executive officer and executive director Hugh Mackay was stepping down from the board with immediate effect, having served since 2011.
The AIM-traded firm said Mackay would remain an employee of the company at the current time, and would be leaving on 31 December after a handover period.
It said Simon Oddie was moving from the role of non-executive chairman of the company to interim chief executive officer and executive chairman, until a new CEO is appointed.
Europa said Mackay's achievements while CEO include spearheading its very high impact exploration activities both offshore Ireland and more recently Morocco.
He had also overseen its onshore UK exploration, development and production position.
The company said the decision to appoint a new CEO reflected the company's strategy to diversify its asset base by adding new ventures in the appraisal and development part of the business.
With regard to its existing portfolio, the board confirmed that its farm out activities were continuing as set out in the announcement of 29 October, from which there was no further update.
"On behalf of the board, I would like to thank Hugh for his service to the company," said Simon Oddie.
"Hugh was appointed CEO in 2011 and inherited a varied portfolio of exploration licences in Ireland, France, Western Sahara and Romania as well as onshore UK production.
"He worked up and focused the company on a series of drillable exploration prospects capable of being farmed out."
Oddie said that as a result, Europa had very high impact exploration positions offshore Atlantic margin in Ireland and Morocco, as well as oil development and production onshore UK.
"Hugh has also been successful in attracting institutional investors to the company's share register.
"This provides Hugh's successor with a solid base for the future development of the company.
"We wish Hugh the best for the future."
Hugh Mackay said he had enjoyed his eight years at Europa, and was proud of the position it had built as a "leading Atlantic margin explorer" in Ireland and its new entry into Morocco.
"I am confident that the scene is now set for positive outcomes at Inishkea and Wressle and that the time is right for new leadership to take the company forward.
"I wish the staff, board and shareholders of Europa all the very best for the future."
At 1126 GMT, shares in Europa Oil & Gas Holdings were down 5.41% at 1.75p.
23 Oct 2023 13:33
IN BRIEF: Europa Oil & Gas swings to loss amid one-off costs
Europa Oil & Gas Holdings PLC - UK and Ireland-focused oil and gas exploration, development, and production company - In the year ended July 31, reports a pretax loss of GBP884,000, compared to a profit of GBP1.4 million the year prior. Revenue rises to GBP6.7 million from GBP6.6 million year-on-year. Notes the stable revenue figure was despite a lower oil price and weaker pound during the period. Records a GBP1.7 million exploration write-off in the year, as well as significantly higher expenses. Administrative expenses jump to GBP1.9 million from GBP821,000, while finance expense climb to GBP717,000 from USD238,000.
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