(Sharecast News) - Exploration firm Baron Oil said on Tuesday the chairman John Wakefield has stepped down from the board as it made a series of changes to its governing structure.
Baron Oil said Wakefield had been replaced by Gerry Aherne, who was formerly the chairman of capital markets firm Cenkos Securities, with immediate effect.
Separately, Baron Oil said technical director Jon Ford has stepped down from the board, but will stay on with the group as a technical advisor, while Rob Collins was appointed as Baron's chief financial officer, currently a non-board position.
Chief executive Dr Andy Butler said: "The appointment of Rob Collins as CFO is also great news, as he brings a wealth of expertise in financing of natural resources projects. The refreshed board and executive team are committed to building shareholder value, strong governance and transparency.
"The board's priority remains to progress and realise the value in the Chuditch project in Timor-Leste, where we continue to prepare to drill the key appraisal well in parallel with discussions with potential funding partners."
As of 1145 BST, Baron Oil shares were up 2.24% at 0.068p.
Reporting by Iain Gilbert at Sharecast.com
Baron Oil (BOIL)