LONDON (Alliance News) - Petroneft Resources PLC said Tuesday that its founder & chief executive, Dennis Francis, has decided to retire from his post.
The oil and gas explorer has commenced a search for a new chief executive to succeed Francis and has appointed Karl Johnson, currently vice president of operations, to be CEO on an interim basis, with immediate effect.
Francis will remain as a non-executive director in the company and has agreed to assist the company on a consulting basis to ensure a smooth transition for his replacement and assist in examining options to maximise shareholder value including the potential disposal of Licences 61 and 67.
Shares in the company were untraded, last closing at 1.50 pence.
