Eland Oil & Gas (LON:ELA) has told investors that Russell Harvey, a non-executive director of the company since 2012, will take over as chairman following the retirement of Henry ‘Harry’ Wilson.
Wilson, a founder of the company, retired from his role with effect from December 31.
At the same time Robert 'Bob' Lambert retired as non-executive director and the company appointed investment banker Grégory Stoupnitzk to the board.
In a statement Wilson said: "It has been a pleasure working with the team at Eland over the last five years.
“With the quality of its Nigerian assets, the company is well positioned to benefit from an upswing in the oil price and I look forward to following its progress."
Harvey, meanwhile, highlighted that substantial progress has been made by the company since its AIM float in 2012, and said there was great potential for further growth.
“The re-balancing of the board is in response to the opportunities being created by the new market environment and to assist the company in its next stage of development,” Harvey added.
The new chairman also highlighted the pivotal roles played by Wilson and Lambert in establishing Eland’s current ‘producing’ status.
He added that the addition of Stoupnitzk brings a wealth of experience from the corporate and banking sector to the company.