Meridian's CEO Resigns

Meridian Petroleum said Anthony Mason has resigned as chief executive, effective immediately, and that chairman Stephen Gutteridge has been appointed executive chairman.

"Tony has done a fine job in assembling a valuable portfolio of assets for Meridian, and in successfully bringing the Orion 36 well into production," said Gutteridge. "Our business is currently performing well, underpinned by the strong cash flow of the Orion 36 well."

The company said it is in the final stages of recruiting a chief operating officer to run the U.S. business and has been working toward a sale or farm-out of its Australian assets.

The company intends to concentrate its resources and development plans on its U.S. assets.

Mason will remain as an employee of the company until the end of December, to assist with the handover to the incoming COO and to help get the best value from the company's Australian assets.