(Alliance News) - Cadogan Petroleum PLC said it has appointed a new Chief Executive Officer and Chair following its annual general meeting earlier on Friday.
Also, the oil and gas company said it has agreed to sell AstroInvest Ukraine LLC to Ukrinvest Group for USD1.2 million. This will bring the total amount from the sale of legacy assets to USD4 million in recent weeks.
In the meeting shareholders voted for Non-Executive Directors Adelmo Schenato and Enrico Testa to be removed from their roles in the company.
In addition, shareholders voted for the appointment of Fady Khallouf, Lilia Jolibois and Jacques Mahaux.
The votes have led to a board shake up, including the resignation of Non-Executive Chair Zev Furst with effect on December 13.
Khallouf will succeed Guido Michelotti as chief executive officer, while Non-Executive Director Michel Meeus has been named chair.
Shares in Cadogan Petroleum - which is headquartered in Kiev, Ukraine - closed untraded on Friday at 5.50 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Cadogan (CAD)