IGas Energy plc (AIM: IGAS) confirmed May 8 that Andrew Austin, CEO and co-founder of the company, has decided to step down from the board and to hand over the CEO role to the company’s CFO, Stephen Bowler. The recruitment of a new CFO is now under way.
Austin is stepping down following the company’s May 7 completion of a farm-out and purchase agreement (FOPA) with INEOS Upstream. INEOS will assume operatorship of PEDLs 133, 145 and 193 and EXL 273 in phases, following a handover.
In other company news, in light of the prevailing oil price environment, IGas has reviewed its cost base and has decided to reduce the size of its workforce and the number of consultants employed. Overall, the company plans to reduce its headcount by more than 25% and to close its acquired Dart Energy office in Stirling, Scotland. In keeping with these and other cost reduction measures, the IGas board and Rob Neale, the former chairman of Dart Energy, have agreed that he will not be joining the main board.