North-east company Eland Oil and Gas has a new man at the helm, with George Maxwell taking over the chief executive’s role from Les Blair.
Mr Maxwell – previously chief operating officer – co-founded the west Africa-focused company with Mr Blair five years ago.
Announcing the shake-up at the top yesterday, Westhill-based Eland said Mr Blair had already stepped down from the board to fill the newly created post of strategic adviser.
His new duties will see him promote the firm in Nigeria, undertake “certain partner and government-related tasks” and support the new CEO in strategic objectives.
Another key change sees chairman Harry Wilson become executive chairman.
Louis Castro, previously a non-executive director, is now chief financial officer.
Eland’s management revamp comes soon after the restart of production on the Niger Delta’s OML 40 licence, in which the firm has a 45% stake.
Mr Wilson said: “With production having recommenced and the recent acquisition of Ubima (a field where Eland has a 40% increase) , our focus is now on maximising the value of our portfolio and delivering strong shareholder returns.
“This requires a reshaping of the senior management team and the creation of an important new strategic advisor role.
Before Eland, Mr Maxwell held senior management positions at Switzerland-based Addax Petroleum.
He played a key role in developing Addax into a successful independent oil company, focused on upstream operations in Nigeria, before its sale to China’s Sinopec Group in 2009.
Mr Wilson said the new CEO had already demonstrated exceptional commercial judgement at Eland, adding: “I am pleased that he is stepping up to lead the company.
“George and Louis will together form a strong team which has the right blend of operational, commercial and financial experience to take the company to the next stage of its development.”
Eland, which listed on the alternative investment market in September 2012, said the new strategic adviser role reflected its need to “effectively liaise with our partners and government, and promote the company in Nigeria.”
It added: “Les will remain resident in Nigeria, where he has an acknowledged presence and deep connections.
“He is particularly well-placed to assume this important role.”
Mr Blair said: “In the past four years, we have succeeded in completing two very attractive asset acquisitions and bringing one – OML 40 – into production.
“Now is a good time to refocus our individual energies into the development of these assets to their full potential”.