24th Jan 2019 14:54
LONDON (Alliance News) - Nu-Oil & Gas PLC on Thursday announced a number of changes to its board, including the appointment of a new executive chair.
The development and production firm will appoint Graham Scotton as its executive chair on Monday and he will also become deputy chair of its 50% owned joint venture, Marginal Field Development Co.
Scotton will succeed current Nu-Oil Executive Chair Alan Minty, who steps down with immediate effect, although Minty will retain his chairmanship of Marginal Field.
Frank Jackson will be acting chair until Scotton assumes the role.
As part of the management restructure, Nu-Oil Chief Executive Nigel Burton will step down with immediate effect. Consequently, neither Burton nor Minty will seek re-election to the board at the firm's annual general meeting on Friday.
In addition, Nu-Oil Managing Director Alison Pegram has been appointed as a director of the company and will be joint managing director alongside Damian Minty. This will be a new appointment for Damian Minty, who will still retain his role as chief financial officer at Nu-Oil.
Shares in Nu-Oil were down 0.5% at 0.81 pence on Thursday afternoon.
Related Shares:
NUOG.L