(Alliance News) - Mosman Oil & Gas Ltd on Monday said John Barr will depart as chair at the end of the month, as the company also provided an update on its business plan.
Sydney-based Mosman has projects in the Northern Territory of Australia and in the US states of Texas and Oklahoma.
Barr gave notice of his resignation as chair, effective September 30, Mosman said. Barr also has given notice under his executive services contract as a director of Kensington Advisory Services Pty Ltd. This has a six-month termination period.
Mosman said Non-Executive Director John Young also has resigned, leaving the board immediately.
The company said it has begun a process to review and appoint new directors. Further updates will be provided "in due course as appropriate".
"We thank John Barr for leading the company from inception, through [initial public offering] and the ups and downs of exploration, development and production. We also thank John Young for his contribution since the formation of the company and wish him well in his future endeavours," said Technical Director Andy Carroll.
"The immediate focus is the appointment of a non-executive director and the operations are continuing to progress. We will provide an update in due course."
Regarding its business plan, Mosman said its strategy remains to build US production and to keep "high potential upside" helium, hydrogen and hydrocarbon exploration in Australia.
"The company's wider corporate review continues and costs will be optimized to ensure ongoing financial stability," Mosman said.
Shares were down 2.4% to 0.025 pence each in London on Monday morning.
By Greg Rosenvinge, Alliance News reporter
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Mosman Oil Gas (MSMN)