Chariot Oil & Gas unveils board changes

LONDON (ShareCast) - Chariot Oil & Gas announced Thursday the resignation of Chief Executive Officer (CEO) Paul Welch along with a board shake-up.

Welch will leave the Africa-focused oil and gas exploration company to pursue other business interests.

"It has been a privilege to have been CEO of Chariot over the past three years and during this time we have achieved a great deal by developing the Company's portfolio and skill set," he said in a statement.

"It has been a pleasure to build and work with such a good team and I wish them every success in the future," he said.

Former Executive Chairman Larry Bottomley will take over as CEO. Philip Loader, previously Non-Executive Director, has been appointed Non-Executive Chairman.

Bottomley said: "I would like to thank Paul very much for his hard work and dynamic leadership. During his time with the company, he built up Chariot's technical and operational capability and also successfully attracted quality partners into some of our licence areas."

Another change to the board - Mark Reid has been appointed Chief Financial Officer (CFO). He brings more than 20 years of experience in financial services and investment banking including his previous work at Aurelian Oil & Gas Plc and BNP Paribas Fortis.

"I welcome Mark to the Board, his extensive industry experience and understanding of the Company will be invaluable as we continue to take Chariot forward and pursue our strategy of delivering transformational growth for our stakeholders," Bottomley added.

Heindrich Ndume has become Non-Executive Director and George Canjar has been named Senior Independent Non-Executive Director as part of the restructure.