Anglo African Oil & Gas plc (AIM: AAOG), an independent oil and gas developer, announces the following changes to its Board of Directors.
James Berwick, CEO, has resigned from the Company with immediate effect in order to take up the full-time role of CEO of Anglo Tunisian Oil & Gas Limited ("ATOG"), of which he is a director and significant shareholder. With the departure of David Sefton from both AAOG and ATOG, the burden on James Berwick's time in managing both companies has become unsustainable, and the scale of the ATOG business means that James's time will be disproportionately biased towards that company.
ATOG has made payments of £100,000 on behalf of AAOG to certain creditors of the Company who had undertaken work earlier in the year in connection with the Company's attempt to acquire the Tunisian licences which have been acquired by ATOG (as more fully described in the Company's announcement of 12 July 2019). ATOG has agreed to pay a further £150,000 cash direct to AAOG this week to cover costs incurred by the Company in pursuit of that acquisition. The Company is in discussion with ATOG about the quantum and timing of further repayment (if any) to AAOG to recover other expenditure that was incurred in this regard.
The payment by ATOG of the sums described herein is considered a related-party transaction for the purposes of the AIM Rules as James Berwick is a director and substantial shareholder of ATOG and was a director of AAOG until his resignation. The directors of AAOG consider, having consulted with the Company's Nominated Adviser, that the terms of these payments are fair and reasonable insofar as shareholders are concerned.
James Cane, who has been finance director of the Company since 2016, will assume the role of Interim chief executive and the Company will commence a search for a new CEO at the appropriate time.