Deltic Energy plc chief executive Graham Swindells has stepped down, effective immediately.
His successor will be current chief operating officer Andrew Nunn.
“Despite the recent challenges presented by the UK’s political and fiscal environment, I am proud of what we have achieved in establishing Deltic as one of the UK’s leading explorers,” said Mr Swindells.
“As the team seeks to extract the maximum value from the existing UK asset base and rebuild a portfolio focussed outside of the UK, now is the appropriate time for me to hand over the role of CEO to Andrew who I have had the pleasure of working alongside for the last 10 years and believe is an outstanding successor.”
Chairman Mark Lappin added: “Graham will leave with the profound thanks of the board for his commitment and contribution to Deltic over the last 11 years, initially as CFO and more recently as CEO.
“Under Graham’s leadership, Deltic was transformed into a company with an attractive portfolio of licences along with world-class partners, positioning it at the forefront of UK exploration.”
Mr Nunn joined Deltic in 2014 and has been COO since 2015.
He is a geologist with more than 25 years’ experience in exploration projects across Europe, Africa and Australasia.
As Deltic COO, Mr Nunn led the development of the company’s exploration portfolio and has been instrumental in securing licences and multiple farm outs to partners.
He was also key to the origination and maturation of the Pensacola discovery and the Selene prospect.