(Alliance News) - PetroTal Corp said on Monday it has appointed chair Douglas Urch as executive vice-president and chief financial officer of the company with immediate effect.
The oil and gas company said in his new role Urch will succeed current CFO Greg Smith.
Prior to this appointment Urch was CFO of Bankers Petroleum Ltd, operating in Albania, and CFO of Rally Energy Corp, operating in Egypt.
Being an initial investor in PetroTal, Urch has served as a director of the company since inception, and as chair of the board for the past year and a half, the company said.
Following the appointment, Urch will resign from both roles. Mark McComiskey, an existing director since inception, will assume the chair role.
Manolo Zuniga, chief executive officer, said: "His vast international background and successful financial track record will be extremely valuable to PetroTal during its continued growth from being a start-up operation."
"Additionally, with Doug having been a director of PetroTal since inception, he is fully aware of the company's operations and corporate strategy," Zuniga added.
PetroTal also said the company "continues to benefit from successful drilling operations," and its production continues to be above 7,500 barrels of oil per day with a target of 10,000 barrels of oil per day by the end of the year.
PetroTal shares were up 2.5% in London at 20.50 pence each on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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PetroTal (PTAL)