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(Alliance News) - Nostra Terra Oil & Gas Co PLC on Monday said its chief executive officer has stepped down, after leading the company since 2009.
The London-based oil & gas company said Matt Lofgran will now focus on other interests, while continuing to provide support to the company as an advisor for a six-month transition period.
Non-Executive Director Paul Welch will now become CEO with immediate effect.
"Paul has extensive experience of working in the Texas oil and gas industry. Overall, he has more than 30 years of industry experience, having worked for Shell Oil Co for 15 years and for several large independents, including Hunt Oil Co and Pioneer Natural Resources," the company said.
Nostra Terra Oil & Gas Chair Steve Staley commented: "On behalf of the board I would like to thank Matt for his long service to Nostra Terra and am glad that he will continue to provide support to the company as we move forward. I would also like to welcome Paul to the role of CEO and look forward to working with him in that new capacity as we embark on the next phase of growth."
Shares in Nostra Terra Oil & Gas were up 4.3% to 0.11 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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