Cluff Natural Resources shares fell during Friday morning trading after the company announced changes to its board.
The oil and gas company announced the departure of its current chairman and former CEO, Algy Cluff. Mark Lappin is set to succeed Mr Cluff as chairman.
Prior to his role at the company, Mr Lappin was a Director in Centrica’s Exploration and Production Company, as well as holding various executive roles with ExxonMobil, Cuadrilla and Dart Energy.
Departing Chairman Algy Cluff commented on the decision:
“Since stepping down as CEO last year, the Company’s executive management team, with significant input from Mark, have produced a tremendous platform for the next stage of activity and growth via the successful award of six additional licences in the UK’s 30th Licencing Round and delivering a transformational farm-out with Shell on one, and possibly two of the Company’s licences.”
Mr Cluff also added that a change in direction would prove ideal in light of the company’s recent farm-out agreement with Shell.
Meanwhile, his successor Mark Lappin, added:
“I am delighted to be taking on the role of Chairman of Cluff Natural Resources as the Company enters the next stage of its development. I look forward to working with the rest of our ambitious management team to build on the partnership we have developed with Shell and further progress the business.”
Back in February the company announced it had entered a farm-in agreement with Shell, causing shares to rally.
Cluff Natural Resources is listed on the junior AIM market of the London Stock Exchange.
Shares in the company (LON:CLNR) are currently trading down -3.16% as of 12:50PM (GMT).