LONDON (Alliance News) - Exillon Energy PLC Monday confirmed that Pavel Chernienko, deputy chief executive of RusOil Group, has been appointed as an executive director, following the resignation of five members of its board after management told them that they had lost operational control of the company to Rusoil.
Last week, the Russian oil producer said Chairman David Herbert, Chief Executive Officer Mark Martin, Senior Independent Director Stuart Detmer, Independent Director Anne Belveze and Independent Director Ezio Bracco resigned.
"We were informed by Exillon's Chief Executive Mark Martin that he was no longer able to exercise practical control over the company's operations and assets without the support of the newly appointed Directors who are nominees of the Rusoil Group," Herbert had said in a statement.
The company said that Deputy Chief Executive Officer Alexander Suchkov and Non-Executive Director Sergey Koshelenko, who were recommended to the board in January by Seneal International Agency Ltd., remained as directors.
In December, the company's founder, Kazakh businessman Maksat Arip, sold a 29.99% interest in the company to Seneal, which is ultimately controlled by major Russian property investor Alexei Khotin who is the ultimate beneficial controller of Russian oil producer Rusoil group.
The stock was trading at 111.98 pence Monday afternoon, down 5.77 pence or 4.9%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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