6th Jan 2016 15:03
LONDON (Alliance News) - Northcote Energy Ltd on Wednesday said Financial Director Daniel Jorgensen has stepped down from the company with immediate effect.
Jorgensen's resignation is part of the restructuring of the company's finance function which has seen the recruitment of a US-based financial controller with a finance team located in the US.
Jorgensen will continue to work with Northcote to ensure an orderly transition of his responsibilities while the company considers additional appointments to complement the current board.
"We have built a strong finance team in Dallas so that reporting and accounting functions are close to operations. We will be announcing additions to our board of directors in due course with an emphasis on increasing both US and oil industry presence," Chief Executive Randall Connally said in a statement.
Shares in Northcote were trading down 7.8% at 0.0647 pence on Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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