Angus Energy plc executive chairman and former chief executive officer George Lucan has stepped down from his post and aims to leave the board in mid-August.
The announcement, effective on 14 July, came with agreement of the £6 million loan arranged by Aleph Commodities Ltd.
Mr Lucan said that completion of the financing was an opportune moment for him to step aside but he would help in the prospective global refinancing and the company’s gas storage project.
“It has been a pleasure serving Angus and its stakeholders and an equal pleasure to be able to leave shareholders with both a high quality producing gas field, the additional potential of a national storage asset, and a high calibre CEO.”
Chief executive officer Richard Herbert added: “I wish to thank George for his help and guidance since my arrival at Angus and for all his hard work and accomplishments for the company.”
The company has started the search for a new non-executive chair and approached “several candidates”.
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