Genel Energy (GENL) is to lose its chief financial officer while still struggling to find a replacement for Chairman Tony Hayward, it has been reported.
The supposed blow comes just days after a second revision to its Iraqi Kurdish oil reserves sent its shares sliding.
Hayward, a former head of BP and one of Genel’s co-founders, is planning to step down in June, but the succession issue remains open.
Sources say former BG Group boss Chris Finlayson no longer in the running for the position.
Two other candidates are being considered and the new chairman is expected to be announced at Genel’s annual general meeting next month.
CFO Ben Monaghan, a former senior banker who joined Genel in 2015, is expected to leave after Hayward’s departure but before the end of the year.
A Genel spokesman said the company considers succession planning carefully to ensure a smooth transition of key roles but that no decision has been made on the timing of any such transitions.
Hayward, who drew heavy criticism over his handling of the 2010 Deepwater Horizon disaster in the Gulf of Mexico while heading BP, next plans to set up a new oil and gas company focused on Latin America, sources have said.
Genel shares extended losses on Wednesday with a fall of 9.2 percent to 57.37 pence at 2.04 pm GMT.
The company’s market value had collapsed to a record low on Tuesday after announcing its second downward revision of how much crude oil is held by its flagship Taq Taq field in Kurdistan.