Europa Oil & Gas (Holdings) PLC (AIM:EOG) has announced that William Ahlefeldt, a director of the company since 2004, has decided to retire with immediate effect.
The company noted that Ahlefeldt, an experienced petroleum engineer, played a critical role in bringing it to the AIM Market of the LSE in 2004 and remains one of Europa's largest shareholders.
In a statement, the company's chairman, Brian O'Cathain, thanked Ahlefeldt for his years of loyal service and his invaluable contribution to Europa. O'Cathain added that the company's board has no immediate plans to replace Ahlefeldt and that it remains confident in its current composition.
"It has been an honour to sit on the board of Europa and be part of the company from its initial flotation on AIM through to the success of the Wressle field," Ahlefeldt commented. "I have great faith in the new executive management team and intend to remain a loyal shareholder."
With Ahlefeldt's retirement, the Europa board now comprises two executive directors and three non-executive directors. The company said it believes this composition provides a well-balanced commercial, technical and financial skill set to deliver on its existing strategy and govern the business appropriately.
Europa Oil & Gas is a UK and Ireland-focused oil and gas exploration, development, and production company which has been expanding its footprint and recently made significant investments in exploration projects in the Porcupine Basin, offshore Ireland.