Baron Oil PLC (AIM:”BOIL”) announces the resignation of Mr William Colvin as Chairman and a director of the Company with effect from 28 February 2018. Dr Malcolm Butler will assume the duties of Chairman in addition to his role as Chief Executive. Mr Geoff Barnes, Finance Director, has agreed to defer his impending retirement and remain in this position until such time that the board is more fully constituted and a suitably qualified finance professional is able to assume the role of Finance Director. The board is currently in advanced discussions with an experienced individual having an oil & gas and corporate finance background, who would join the Company as a non-executive director to strengthen the board.
The Company will make a presentation on its operations at the Proactive Investors Oil Capital Conference in London on 14 March 2018.
Dr Malcolm Butler, Chief Executive of Baron, commented:
“It is with great regret that the board has accepted the resignation of Bill Colvin as Chairman and director of the Company, which he has served for over 5 years. Bill shepherded the Company through the very difficult times following the sudden and unexpected death of our former Chief Executive. In addition, he had to deal with a partner that continually refused to honour its full farm-in obligations on Block Z-34, offshore Peru”
Bill Colvin commented:
“Malcolm and I worked hard over the last two years carrying out the studies necessary to understand the true potential of our deep-water Z-34 Block, in spite of our partner’s refusal to cooperate. Following our decision to relinquish without drilling, we achieved the unusual success of securing the release of the full $3.6 million held as guarantee of our drilling obligations by the Peruvian authorities. Now that the Company has funds in place to enable it to change from concentrating on a single, very expensive, long lead time, remote play to a new strategy of looking for near-term drilling opportunities closer to home, with attractive economics, I feel the time is right for me to move on. I wish Malcolm and his team every success in their future endeavours.”
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