16th Dec 2019 17:54
(Alliance News) - Anglo African Oil & Gas PLC said Monday its Chief Executive Officer James Berwick has resigned from the company with immediate effect in order to take up the full-time role of CEO of Anglo Tunisian Oil & Gas Ltd, of which he is a director and "significant" shareholder.
The company said with the departure of David Sefton from both Anglo African Oil & Gas and Anglo Tunisian Oil & Gas in September, the burden on Berwick's time in managing both companies has become unsustainable, and the scale of the Anglo Tunisian Oil & Gas business meant that its time would be disproportionately biased towards that company.
James Cane, who has been finance director of the company since 2016, will assume the role of interim chief executive and the company will commence a search for a new CEO at the appropriate time, Anglo African Oil & Gas said.
Anglo Tunisian Oil & Gas also said it has made payments of GBP100,000 on behalf of Anglo African Oil & Gas to "certain creditors of the company" who had undertaken work earlier in the year in connection with the company's attempt to acquire the Tunisian licences which have been acquired by Anglo Tunisian Oil & Gas.
Anglo Tunisian Oil & Gas has agreed to pay a further GBP150,000 cash direct to Anglo African Oil & Gas this week to cover costs incurred by the company in pursuit of that acquisition.
Anglo African Oil & Gas shares closed 15% lower in London at 0.57 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
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