LONDON (Alliance News) - i3 Energy PLC on Monday said it has appointed Majid Shafiq as its new chief executive, with former boss and co-founder Neill Carson moving to a non-executive role.
Shafiq's appointment is with immediate effect. He has been a non-executive director of i3 since last July.
He began his career at Mobil Oil Corp, i3 said, and has since worked at various investment banking and advisory firms focusing on oil and gas.
i3, which owns the Liberator oil field in the UK North Sea, also has made Chief Development Officer John Woods its new chief operating officer, again effective immediately.
Chairman David Knox commented: "Having worked for some time alongside his fellow directors and the i3 team, the board is unanimous that Majid has the right skills and experience to take the company forward.
"We trust that his unwavering focus on delivery and technically-underpinned background in E&P investment banking will serve our shareholders well," he added.
"As a co-founder of i3, Neill has completed the first phase of our growth, capturing the Liberator asset and progressing it towards development and further upside appraisal. Neill's great skill as a portfolio builder will be retained by the company as he continues to advise his fellow directors and i3 in this regard."
Shares were 4.2% lower Monday, at a price of 73.75 pence each.
I3 Energy (I3E)