31 Jul 2017 17:51
31 July 2017
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Directorate and Advisor Changes
JKX announces that:
1. The termination of the contracts for Tom Reed, formerly CEO and currently advisor to the Board and to the acting CEO, and Russell Hoare, formerly CFO and currently acting CFO has been brought forward and will now take effect from 12 midnight tonight, 31 July 2017. Morgan Hunt, the recruitment company, has been appointed to search for replacement CEO and CFO.
2. The three independent non-executive directors, Paul Ostling, Alan Bigman and Bernie Sucher, have each tendered their resignations from the Board and their three months' notice will complete on 27 October 2017. Drax, another executive search firm, has been appointed to identify potential candidates as independent non-executive directors.
3. Stockdale Securities Limited have given 90 days' notice of their resignation as Corporate Broker to the Company
4. Cleary Gottlieb Steen & Hamilton LLP has been appointed as legal counsel to the company.
5. The accounts for the half-year ending 30 June 2017 are nearing completion and will be announced in the coming days.
Paul Ostling, non-executive Chairman said: "JKX is facing turbulent times. It is a company with some great staff and significant potential. However the time has come for a new team to take JKX's development forward. I, and the other directors, sincerely hope that the company's promise will be realised.
"I would like to express our heartfelt thanks for the commitment that Tom Reed and Russell Hoare have shown over the last 18 months and the important contribution that they have made to the company. As previously announced, Victor Gladun is acting CEO during this transition period and the current independent non-executive directors will remain in post and oversee the search process."
ENDS
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Stuart Leasor, Jeroen van de Crommenacker