(Alliance News) - Baron Oil PLC on Friday said it will make changes to its board to reflect its new strategic focus, with both its current chair and CEO departing.
The London-based oil and gas exploration company has reorientated its business strategy to place emphasis on its operations in South East Asia where it has "an experienced and capable team, with a genuinely material asset in the Chuditch gas project in Timor-Leste".
As a result, both Non-Executive Chair John Wakefield, and Chief Executive Officer Andy Yeo will resign.
Asia-Pacific Director Andy Butler will become CEO with immediate effect, although Yeo will remain on the board until the end of March to "ensure an orderly transition of responsibilities" to his successor.
Meanwhile, Baron Oil is considering candidates to replace Wakefield, who will step down once they are appointed.
The incoming CEO said: "The board's priority is to progress and realise the value in the Chuditch project in Timor-Leste. In the first instance, this will mean successfully completing funding for drilling of the critical milestone appraisal well on the Chuditch gas field."
Shares in Baron Oil were down 6.5% to 0.054 pence in London on Friday afternoon.
By Elijah Dale, Alliance News reporter
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Baron Oil (BOIL)