(Alliance News) - JKX Oil & Gas PLC on Monday reported the departure of Chief Financial Officer Ben Fraser and said that it has it had become debt free.
The exploration company said that Fraser will exit on March 31 to pursue opportunities outside the upstream oil & gas sector.
Fraser will be succeeded by Dmitry Poddubniy, who acted as the company's chief financial officer in 2017.
Poddubniy has extensive experience in the oil & gas sector, JLX noted, adding that he has acted as deputy chief financial officer and chief financial officer of Poltava Petroleum Co for the last 15 years. Poltava is JKX's operating subsidiary.
Separately, the London-based company said it had become debt-free following its final payment of GBP5.8 million under the terms of its 2013 guaranteed unsubordinated convertible bonds.
"Ben leaves the company debt-free and returned to profit. I would like to thank him for his hard work and commitment and I wish him well in the future. I look forward to working with Dmitry in his new role to which he will bring his substantial financial, assurance and organisational experience," said Chief Executive Victor Gladun.
As at the end of 2019, JKX had USD20.5 million of cash and cash equivalents.
JKX Oil & Gas shares were up 4.7% at 28.70 pence each in London on Thursday afternoon.
By Ife Taiwo; ifetaiwo@alliancenews.com
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