Columbus Energy Resources (LGO)


LGO chairman steps down

LGO has announced a number of changes to the board of the company with immediate effect.

Chairman Steve Horton has retired from the board with immediate effect to pursue other interests after serving as a director of LGO for the past six years.

Chief executive Neil Ritson will assume the role of chairman in addition to his duties as CEO.

The company has also appointed Gordon B. Stein as a non-executive director with immediate effect. It is expected that he will become the chairman of the Company's Audit Committee and a member of the Company's Remuneration Committee.

Ritson said: "We would like to thank Steve for his contribution as a non-executive since 2011 and as chairman for the last two and a half years, and to wish him well with his various future endeavours. We would also like to welcome Gordon who brings a wealth of relevant experience as a former finance director and chief financial officer of various listed and private junior oil and gas companies."

"Having recently completed the refinancing of the business and settled with major creditors, and as we prepare for the start-up of low cost development drilling at the Goudron Field, we believe these Board changes will further help to position the Company for the future."

At 9:40am: (LON:LGO) LGO Energy PLC share price was +0p at 0.11p