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Madagascar Oil appoints CFO as it restructures board

Madagascar Oil (LON:MOIL) has confirmed a number of boardroom changes after a major fundraising earlier this year.

Gordon Stein has been hired as chief financial officer, and Richard Laing, Al Njoo and Achmad Madjedi Hasan all join the board as non-executive directors.

Meanwhile, Ian Barby and Peter Kingston have stepped down from their positions as non-executive directors.

"We are delighted with the progress we have made in restructuring the team over the last few months and achieving the significant milestone of commissioning the Tsimiroro pilot,” said chairman Andrew Morris.

“We will continue to strengthen the team as the needs of the business evolve.

"I would like to thank the outgoing directors for their support and contributions, especially over the last few months and welcome the new directors and Mr. Stein who will bring a wealth of talent and experience to the team."

Jamie Ashcroft
Jamie Ashcroft
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"Our goal and guideline has been to build a solid platform of production revenue from which to launch programmes that are more exploratory in nature,” said Alden McCall, chief operating officer.

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