North Sea explorer Sterling Resources said yesterday it had appointed an interim boss after the sudden departure of Mike Azancot, who was chief executive.
Canada-based Sterling gave no explanation for Mr Azancot’s leaving, but thanked him for his contributions over the past several years and wished him well in his future endeavours.
Mr Azancot, who lives at Farnham, in Surrey, and was a director of Sterling’s UK arm, could not be contacted.
David Blewden, Sterling’s chief financial officer, refused to say why Mr Azancot had left.
The company said Jacob Ulrich, the firm’s chairman, would serve as interim CEO while it sought a suitable permanent successor to Mr Azancot, who had been CEO and president since May 2010.
Mr Ulrich said he was looking forward to further helping Sterling to cash in on its assets from imminent production of (the) Breagh (field) to the further development of the company’s exploration portfolio.
Results posted just last week by Sterling, which has been beset by problems on the Breagh field in the southern UK North Sea, showed wider second-quarter losses.
The group – subject of a £123million takeover bid by a commodity trading group earlier this year – said net losses in the three months to June 30 totalled £12.2million, compared with a £4.3million deficit 12 months earlier.
Sterling had to resort to a series of refinancing deals after delays and cost over- runs for the Breagh project.
These included a loan from Dutch group Vitol, which in February made an unsolicited bid to take over the business.