The company stated that, as announced on Aug. 19, Cole has been on leave to attend to family matters in Perth. As a result of those matters, Beach says that Cole has decided it is not possible to return to a full-time executive role with the company in Adelaide. He has accordingly resigned. With regard to Cole’s circumstances, the board has waived what would otherwise have been notice requirements under his employment agreement.
The company will begin the process of replacing Cole. In the meantime, Neil Gibbins will continue in the role of acting CEO until a new managing director is appointed.
Beach Energy is an oil and gas exploration and production company headquartered in Adelaide, South Australia, with a core focus on the Cooper Basin.