The bosses of Russian-focused Exillon have walked out the firm after losing a battle for control for the oil explorer.
Chairman Dave Herbert and chief executive Mark Martin, along with directors Stuard Detmer, Anne Belveze and Ezio Braco announced their resignations from the London-listed firm this afternoon.
The move comes after Alexander Suchkov and Sergey Koshelenko were appointed to the board in January, following Russian businessman Alexei Khotin’s RusOil Group taking a 29.9% stake in the firm.
“We were informed by Mark Martin that he was no longer able to exercise practical control over the company’s operations and assets without the support of the newly appointed directors, who are nominees of the RusOil Group,” said Mr Herbert.
“We concluded with great regret that resigning our positions was the only proper course in such circumstances.”
The resignations are set to take effect immediately. Herbert and Martin had been directors at the company, which has assets in Timan-Pechora and West Siberia, since 2011, while the other three directors had served on the company’s board since its initial public offering in 2009.
The company saw profits surge 161% last year, to £44million, after production increased from 4,692,602 barrels of oil equivalent in 2012 to almost 6million in 2013.
RusOil deputy chief executive Pavel Chernienko is expected to join the Exillon board in the wake of the resignations, with company articles requiring a minimum of three directors.
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