(Alliance News) - Europa Oil & Gas Holdings PLC is changing leadership, it said Thursday, as it looks to diversify its portfolio.
Hugh Mackay will step down a chief executive at the end of 2019 after eight years in the role. He will be replaced on an interim basis by Non-Executive Chair Simon Oddie.
The decision, Europa said, reflects a plan to add new assets in the appraisal and development part of the business.
Europa already has a range of production, exploration and development assets in the both onshore and offshore in the UK, as well as offshore Ireland. It also has a permit each in France and Morocco.
Chair Oddie said: "On behalf of the board, I would like to thank Hugh for his service to the company. Hugh was appointed CEO in 2011 and inherited a varied portfolio of exploration licences in Ireland, France, Western Sahara, and Romania as well as onshore UK production. He worked up and focused the company on a series of drillable exploration prospects capable of being farmed out.
"As a result, Europa has very high-impact exploration positions offshore Atlantic margin in Ireland and Morocco as well as oil development and production onshore UK. Hugh has also been successful in attracting institutional investors to the company's share register. This provides Hugh's successor with a solid base for the future development of the company."
Shares were 5.4% lower on Thursday morning in London at a price of 1.75 pence each.
By George Collard; georgecollard@alliancenews.com
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Europa Oil & Gas (EOG)