Longboat Energy PLC (AIM:LBE) has gutted the board as it looks for cost savings following a disappointing production update that saw the share price half in one brutal day of trading last week.
After these changes, the top table will be reduced from seven to four members.
Nick Ingrassia will continue as CEO with James Menzies becoming executive chairman. Graham Stewart will serve as a non-exec alongside Geraldine Murphy.
Co-founder and CFO Jonathan Cooper will exit in August while Brent Cheshire and Jorunn Saetre will retire at the AGM. Katherine Roe is also stepping down.
Last week, Longboat reported delays, underwhelming production rates and cost overruns that put in question the company’s continuing participation in an acquisitive joint venture with Japan Petroleum Exploration Co Ltd (JAPEX).
It told investors that ‘there were good grounds to believe that the production ramp up from the Equinor operated Statfjord Satellites would be delivered, actual performance has been disappointing to date despite an increase in production from 2023’.
The Statfjord Satellite Fields is part of the JAPEX joint venture, which in July 2023 saw the vehicle Longboat JAPEX Norge (LJN) funded with $20 million of cash plus a $100 million facility earmarked for future acquisitions.