Trinidad oil and gas firm LGO Energy PLC (LON:LGO) is set for a re-launch, with a new chief executive appointment and a name change.
Neil Ritson is to step-down as chief executive and chairman, to be replaced by Leo Willem Koot who joins as executive chairman effective immediately.
Koot’s appointment is described by LGO as a “significant moment”. He has extensive experience with senior positions in large oil and gas organisations – including president of Abu Dhabi National Energy Company (TAQA) and Managing Director of TAQA UK.
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The company will subsequently be renamed Columbus Energy Resources Plc.
In a statement, Ritson said: “After a difficult couple of years in which the Board and I have restored the balance sheet the company is now able to chart a new course and that requires new leadership.
“I would like to thank the senior management and Board for their support and personally wish Leo all the very best in his new role."
Koot, meanwhile, added: “I am excited about the inherent value that I see in this business and look forward to implementing a strategy to unlock that value.
“The company's current asset portfolio is strong, we are growing our production and generating cash.
“We are seeing ever more investment flowing back in to the sector. These are excellent fundamentals from which to grow the business.”
It is agreed that Ritson will remain available as senior advisor to the LGO board for at least 12 months.