(Alliance News) - Global Petroleum Ltd on Monday said it appointed a new executive chair with immediate effect, alongside an executive director.
The Africa and Mediterranean focused oil and gas explorer said Daniel Page and Cecilia Yu were appointed as executive chair and executive director respectively, while also appointing Azib Khan as a non-executive director.
Chief Executive Officer Peter Hill, Non-Executive Chair John van der Welle and Independent Non-Executive Director Garrick Higgins have resigned from the board with immediate effect.
This follows the announcement earlier this month, when 5.0% shareholder Omar Ahmad asked for the removal of the company's chief executive, chair, and a non-executive director. The proposal asked for three new directors, with a "view to taking the company forward."
Global Petroleum said it had reached final agreement regarding changes to the board on this.
Shares in Global Petroleum closed up 73% to 0.15 pence each in London on Monday.
By Greg Rosenvinge, Alliance News senior reporter
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Global Petroleum (GBP)