Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) has announced the resignation of its CFO Gagan Khurana effective immediately, for personal reasons.
Jonathan Gilmore, Challenger’s group finance manager and company secretary, will take up Khurana’s responsibilities.
“Gagan has made a significant contribution to our company over many years, and we wish him well in his future endeavours,” chief executive Eytan Uliel said.
“Jonathan has been with us for many years as well and, given his role as group finance manager and company secretary, has the knowledge and capability required to oversee our finance function going forward.”
Separately, the company announced the issue of new shares and options following the recent closing of its farmout transaction for the AREA OFF-1 block, in which a 60% stake was transferred to Chevron.
Previously, in April, Charlestown Energy Partners LLC’s provided a loan which now will be converted into 20 million shares, fully extinguishing the loan balance. It includes shares in lieu of cash for various service providers and 3 million shares for the CEO as a performance-related bonus.
Some shares are also issued to service providers, including advisors to the farm-out transaction, as part payment.
And Eytan Uliel, chief executive, receives some shares as a bonus related to the successful closing of the farmout, instead of cash compensation. This choice was described by the company as “a sign of confidence in the company and its prospects.”
Chair Iain McKendrick commented: “Over the past three years the team has completely transformed the company, migrating its focus to Uruguay, securing quality assets of global interest as validated by the successful AREA OFF-1 to Chevron, and it is now looking forward to upcoming value-adding activity portfolio.
“The company has also attracted new investors who understand our potential and are committed to Challenger Energy for the long term.”