Paul William Ellis resigned as Chief Executive Officer of Madagascar Oil Limited, the company reported Friday.
Ellis became CEO in December 2012 to help guide the company through a transitional period. He previously held the position of non-executive director of Madagascar.
Both parties have agreed that now is an “appropriate time for the company to seek new leadership to take the company to the next stage of development, where the focus will be on operating the steam flood pilot and preparation of a feasibility study in order to demonstrate commercialization of the project,” the company said in a release.
The steam flood pilot consists of the Tsimiroro field in Block 3104 which is projected to be a conventional steam flood development that will recover 70 percent of the original-oil-in-place. Exploration is currently ongoing to further define the resource and installation is underway to begin operation of a steam flood pilot in late 2013.
This change is effective immediately and Ellis will begin serving the six-month notice period of his service agreement.
Ellis will remain as a director of the company.
“I would like to express my gratitude to Paul, who stepped up to the CEO position at a difficult time for the business and was instrumental in the company’s turnaround project and financing,” said Andrew Morris, Chairman, in the release. “We are fortunate to continue to have his skills and experience available to us as we move into the next phase of Madagascar Oil’s development, and as the board looks for a new CEO.”
In the fourth quarter of 2012, the company underwent a major overhaul of the board, management and control environment, including the appointment of a new chairman and chief operation officer, as well as a new CEO, the company stated on its website.
“The restructuring of risk and project cost controls will provide greater visibility and oversight by the board of directors,” the company said in its 2Q 2013 earnings report. “As part of this initiative, the Houston office is expected to close in July 2013 and responsibilities will move to offices in Madagascar and the UK.”
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