2nd Mar 2020 14:05
(Alliance News) - Nostra Terra Oil & Gas Co PLC on Monday announced the departure of Non-Executive Chair Ewen Ainsworth.
Shares in the company were 18% higher on Monday afternoon in London at a price of 0.65 pence each.
Ainsworth has departed with immediate effect, the company said, adding that John Stafford has become interim non-executive chair "while the composition of the board is settled".
Ainsworth's departure comes a day before a general meeting at which shareholders will vote on removing both him and Chief Executive Matt Lofgren. Eridge Capital Ltd, a Nostra Terra shareholder, also wanted to appoint Andrew Morrison to the company's board.
Nostra Terra, which is focused on the Permian basin in Texas, has on several occasions urged shareholders to reject the Eridge Capital proposals. No comment was made on Monday over whether Tuesday's meeting will still go ahead.
"I would like to thank Ewen for his considerable contribution and wise counsel since joining the board in 2015. His significant commercial, financial and board experience has proved invaluable to Nostra Terra," said Nostra Terra's CEO Lofgran.
"Ewen personally invested in the company and, along with John Stafford, helped finance the completion of the Pine Mills acquisition and the drilling of the G5 well. I have greatly enjoyed working with Ewen and wish him well for the future."
Ainsworth has been issued shares following his departure, as part of his remuneration agreement. He now owns 2.7% of the company's shares.
By George Collard; [email protected]
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