Exillon Energy Announces Resignation of Five Board Directors [Gulf Oil & Gas (Egypt)]
(Gulf Oil & Gas (Egypt) Via Acquire Media NewsEdge) Exillon, a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), announces the resignation of five Board Directors.
David Herbert (Chairman), Mark Martin (CEO), Stuard Detmer (Senior Independent Director), Anne Belveze (Independent Director) and Ezio Bracco (Independent Director) have informed the Company that they intend to resign their positions as Directors of Exillon today. It is expected that, when delivered, the resignations will be effective immediately.
David Herbert (Chairman) said: "We were informed by Exillon's CEO Mark Martin that he was no longer able to exercise practical control over the company's operations and assets without the support of the newly appointed Directors who are nominees of the Rusoil Group. We concluded with great regret that resigning our positions was the only proper course in such circumstances."
Alexander Suchkov (Deputy CEO) and Sergey Koshelenko (Non-Executive Director) remain Board Directors. Their appointment was announced on 21 January 2014. Stuard Detmer, Anne Belveze and Ezio Bracco have all served as Directors of Exillon since its IPO in 2009. David Herbert and Mark Martin have served as Directors since 2011.
The Company's articles require a minimum of three directors. The remaining two directors intend to appoint a new executive director, Pavel Chernienko, to the board immediately upon receipt of the five resignations. Mr. Chernienko is currently the Deputy CEO of Rusoil. The Company will make an announcement when this appointment is made and will subsequently provide the information required under Listing Rule 9.6.13.
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