Eland Appoints New CEO, CFO

West Africa-focused Eland Oil & Gas announced Monday that it has promoted its chief financial officer, George Maxwell, to the role of chief executive officer.

Maxwell, a founding director of Eland, was previously general manager for Addax Petroleum in Nigeria responsible for finance and the firm's fiscal and commercial activities.

Current CEO Les Blair is to step down from the board and assume the new role of strategic advisor to the company with immediate effect. The role will be to promote the company within Nigeria and to undertake certain partner and government-related tasks on behalf of Eland, as well as support the CEO with specific strategic objectives.

Eland is also appointing Louis Castro as its new CFO. Castro has been a director the company since August 2012 and has more than 25 years' experience of investment banking with a focus on advising natural resources firms.

Eland Executive Chairman Harry Wilson commented in a company statement:

"From inception of the company, George has demonstrated exceptional commercial judgement and I am pleased that he is stepping up to lead the company. Since joining the company two years ago, Louis has also proven his capability to become CFO. I believe that George and Louis will together form a strong team which has the right blend of operational, commercial and financial experience to take the company to the next stage of its development.
"The new in-country strategic advisor role recognizes our need to effectively liaise with our partners and government, and promote the company in Nigeria.  Les will remain resident in Nigeria where he has an acknowledged presence and deep connections in Nigeria's oil and gas industry. He is particularly well placed to assume this important role."

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