Deltic Energy PLC (AIM:DELT) has announced that its chief executive officer, Graham Swindells, has stepped down from his role, effective immediately.
Swindells, who has served as CEO since 2015, will be succeeded by Andrew Nunn, the company’s current chief operating officer.
"Graham will leave with the profound thanks of the board for his commitment and contribution to Deltic over the last 11 years, initially as CFO and more recently as CEO,” Deltic chair Mark Lappin said in a statement.
“Under Graham's leadership, Deltic was transformed into a company with an attractive portfolio of licences along with world-class partners, positioning it at the forefront of UK exploration.
Lappin added: “I am delighted to confirm Andrew's appointment as chief executive officer. The combination of his experience, knowledge and commercial acumen makes him the ideal person to take the business forward."
Nunn joined Deltic in 2014 and has over 25 years of experience working on exploration projects across Europe, Africa, and Australasia. As COO, he played a key role in developing the company’s exploration portfolio and securing partnerships with world-class companies.
He was also integral to the success of the Pensacola discovery, with further drilling operations continuing at Selene.
Reflecting on his time with Deltic, Swindells stated that despite the challenges posed by the UK’s political and fiscal environment, he was proud of what had been accomplished. He expressed his belief that Nunn is well-positioned to take the company forward.
Nunn, meanwhile, acknowledged the challenges the company has faced but highlighted its successes under Swindells, including the Pensacola discovery. He also pointed to ongoing drilling operations at Selene, which have the potential to deliver another significant discovery.
Looking ahead, Nunn emphasized the importance of identifying new opportunities that deliver immediate cash flow while continuing to focus on high-impact exploration projects.
“We anticipate shortly announcing a series of measures to reduce the company's overheads,” Nunn said.
“It will then be our job to capitalise on that hard-earned reputation and credibility as we look further afield to find value for shareholders.
“The initial focus will be on identifying and accessing those opportunities which deliver immediate, or very near term, cash flow while we incubate those high-impact exploration opportunities that will always be part of Deltic's DNA."