Canadian Overseas Petroleum Ltd - Calgary-based oil and gas company with operations focused in Wyoming, US - Chair Harald Ludwig steps down from board with immediate effect. Says John Cowan will become interim chair. As board director Massimo Carello also leaves with immediate effect, says the board now consists of three non-executive directors and one executive director. There are currently no plans to appoint new directors, Canadian Oversea Petroleum says.
Also confirms it has reduced its ongoing annual general and administrative costs by more than USD1 million, in line with its announcement on March 20. Says: "Cost reductions are being implemented and, will continue to be evaluated across COPL's business, to align the company's resources with its focus on its oil production and development operations in Wyoming."
Current stock price: 3.30 pence, down 2.2%
12-month change: down 82%
By Greg Rosenvinge, Alliance News reporter
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COPL (COPL)