LONDON (Alliance News) - Leni Gas & Oil PLC and Polemos PLC said Wednesday that David Lenigas has stepped down from his positions at both companies with immediate effect.
Lenigas has been the company chairman of Leni Gas & Oil since its incorporation in August 2006. Steve Horton, a non-executive director, has been appointed non-executive chairman, replacing the departing founder with immediate effect.
In a statement the company said "Lenigas has retired from the Board of the Company and its committees now that the Company's development drilling program at Goudron is showing excellent results, and LGO is now becoming a mainstream oil producer." He will continue to advise the board for a minimum of 12 months through a consultancy period.
Following Lenigas' departure, the company said it expects to change its name from Leni Gas & Oil PLC to LGO PLC within six months.
At Polemos, Lenigas has served as executive chairman since April 2013. He steps down in order to focus on his other public company duties; he also serves as chairman of a number of resources companies, including Rare Earth Minerals PLC, AfriAg PLC and UK Oil & Gas Investments PLC.
Polemos said current Finance Director, Donald Strang, will assume the role of executive chairman.
Shares in Leni Gas & Oil were trading 1.12% lower at 3.54 pence per share Wednesday morning.
Polemos shares dropped from the market open Wednesday, trading 26.13% lower at 0.115 pence per share.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Uk Oil & Gas (UKOG)