Bowleven adds another director, names acting CEO
- Business & Finance
Following a recent boardroom shuffle, the UK-based oil and gas company Bowleven has appointed Joseph Darby as a non-executive director and Eli Chahin as acting CEO.
According to the company’s statement on Monday, both Darby and Chahin were appointed with immediate effect.
Bowleven noted that Darby has more than 40 years’ experience in the upstream oil & gas industry. He is currently the Senior Independent Non-Executive Director at both Premier Oil and Gulfsands Petroleum, having previously held the role of Chairman at Faroe Petroleum and Mowlem.
He acted as Chief Executive Officer of Lasmo plc prior to its acquisition by Eni and is a former non-executive director of Alkane Energy Limited, Centurion Energy, Inc and British Nuclear Fuels Limited.
Chahin was appointed to the board of the company following the general meeting on March 14, 2017, when most of the company’s board was ousted by the Monaco-based activist shareholder, Crown Ocean Capital (COC).
The shareholders in March voted to remove the then CEO Kevin Hart, as well as Kerry Crawford, John Martin, Tim Sullivan and Philip Tracy from the board. The one member of the board that survived the vote was the chairman Billy Allan, however, Allan resigned at the end of March amidst shareholder pressure.
While Hart was removed from the board, he still remained the company’s CEO. However, his CEO contract was terminated at the end of March and he will be now replaced by Eli Chahin.
Bowleven is currently conducting a strategic review, which might include the sale of its assets or the sale of the entire company. The company owns interest in two Cameroon permits; the onshore Bomono permit, for which it recently entered into a farm-out agreement with Victoria Oil & Gas, and the offshore Etinde permit.
Offshore Energy Today Staff