(Alliance News) - Nostra Terra Oil & Gas Co PLC on Tuesday said it appointed Andrew Morrison as non-executive chair for 12 months, with newly hired Non-Executive Director Stephen Staley taking over after that time.
On Monday, Nostra Terra announced the departure of Non-Executive Chair Ewen Ainsworth. Ainsworth has departed with immediate effect, the company said, adding that John Stafford has become interim non-executive chair "while the composition of the board is settled". Stafford will continue to serve as non-executive director after Tuesday's board changes.
Ainsworth's departure came a day before a general meeting at which shareholders were expected to vote on removing both him and Chief Executive Matt Lofgren. Eridge Capital Ltd, a Nostra Terra shareholder, proposed the appointment of Morrison to the company's board.
On Tuesday, Nostra Terra - which is focused on the Permian basin in Texas - said, following discussions with Eridge, these two requisitions were withdrawn.
Morrison is an outcomeâ€focused chair and chief executive of growth businesses, with successful experience in both major multiâ€national corporations and smaller public companies, Nostra Terra said. He is currently chair of Spinnaker Opportunities PLC, a cash shell pursuing an acquisition in the medicinal cannabis sector.
Meanwhile, Staley has 37 years of wide-ranging management, technical and commercial experience in the international oil, gas and power sectors. Nostra said he most recently served as a non-executive director of Cove Energy PLC, the East Africa-focused explorer. He is also a founder of Derwent Resources Ltd, an upstream consultancy advising.
In addition, the company said that the reconstituted board will immediately conduct a review of all aspects of the business, including on remuneration and operations.
All current directors will be proposed for re-election at the next annual general meeting of the company and Lofgran commits to remain as president of the company's subsidiary, New Horizons Energy 1 LLC, for six months, should he cease to act as a director of Nostra Terra at any time, the company said.
AIM-listed Nostra Terra shares closed 3.5% higher in London on Tuesday at 0.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Nostra Terra (NTOG)