Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) has announced its new management changes, with Peter Kravitz appointed as the interim chief executive.
At the same time, Mark Wall has joined the board as a non-executive director, whilst Atul Gupta has stepped down.
Earlier this week, COPL confirmed the closing of its $2.5 million equity financing, announced in late December.
It noted that the funding satisfied its "urgent liquidity needs" and allowed the company to retain an independent E&P technical consultant, appoint a chief restructuring officer and maintain its public listings in London and Canada.