Azonto Chairman Bartlett Steps Down Ahead Of Annual General Meeting

LONDON (Alliance News) - Azonto Petroleum Ltd shares plummeted Friday after it said Non-Executive Chairman Andrew Bartlett will step down from the company ahead of the company's annual general meeting to be held later Friday.

Azonto shares fell 15% to 0.255 pence per share on Friday afternoon.

Azonto said Bartlett was leaving the company to pursue other business interests and has been replaced by current Non-Executive Director Andrew Sinclair, who joined the Azonto board at the end of 2012.

Sinclair is based in Australia and is a senior oil and gas financier, who is presently the founder, commercial lead and investment committee member at Giant Capital. In the past, Sinclair worked for Macquarie Bank for 16 years.

"On behalf of the board I wish to thank Andrew for his input and guidance over the past few years. The company faced a number of challenges during Andrew's tenure as chairman and he has guided the company through these times with dedication and leadership," said Sinclair.

"The board immediately faces a number of key decisions with regards to financing and progressing the company's assets in Cote d'Ivoire. We will continue to ensure that the decisions we make going forward are in the best interest of all our shareholders," he added.

The news comes ahead of Azonto's annual general meeting which will be held later Friday.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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