Exillon Energy CEO, Chairman And Three Directors Resign

Reuters

March 21 (Reuters) - Russian oil producer Exillon Energy Plc said five directors, including its chief executive and chairman, had resigned saying they could not work without the support of the two directors nominated by its largest shareholder.

Shares in Exillon, whose oilfields are located in northern Russia and western Siberia, fell as much as 14 percent on the London Stock Exchange on Friday.

"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", Chairman David Herbert said in a statement.

Exillon said Martin, Herbert as well as independent directors Stuard Detmer, Anne Belveze and Ezio Bracco had resigned with immediate effect.

That left the company with two directors, Alexander Suchkov and Sergey Koshelenko, who were appointed in January on the recommendation of a company controlled by Russian billionaire Alexei Khotin, Exillon's largest shareholder.

(Reporting by Karen Rebelo in Bangalore; Editing by Savio D'Souza)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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