LONDON (Alliance News) - Nighthawk Energy PLC Tuesday said one of its founders, Mike Thomsen, and Chief Financial Officer Richard Swindells are both leaving the company as it tries to bring down costs in response to lower oil prices.
The company conducted an internal review and said it is determined to bring down costs. On Tuesday, it said it will consolidate its office functions to its Denver office, as it looks to "reduce its UK administrative activities".
As a result, Swindells, who is also Nighthawk's company secretary, has agreed to step down from November 7. He will be replaced by Kurtis Hooley, who will take up the role of chief financial officer based in the Denver office but will not become a board member.
Hooley has over 25 years of financial and operational management experience, which includes 11 years of experience with an "international accounting and audit firm" and 10 years of experience with US public exploration and production energy company, Double Eagle Petroleum Co.
"Previously, these functions have been split between Denver and London, and the company believes this consolidation will result in better alignment of these functions with its US operations and more streamlined accounting and financial functions with all personnel now in the same office," it said.
Nighthawk did not state if it will close its UK office, saying it will "maintain a UK presence".
In another change, Thomsen, one of the company's founders and current vice president of geology, also will leave the company but it stressed Thomsen's departure "does not affect Nighthawk's geological team", even though it has also reduced its field personnel by two positions as well.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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