United Oil & Gas PLC - London-based oil and gas company with projects in Egypt, Italy and the UK - Says that Chief Operating Officer Jonathan Leather has notified the board of his intention to step down from his role, and as an executive director, as of August 31. Notes that while Leather will step back from day-to-day operational activity, given the status of the Jamaica farmout process, he will continue to provide support on a consultancy basis.
United has begun its search for a new COO, and from September, will redistribute Leather’s non-Jamaican related responsibilities to members of the management team in Dublin and Egypt.
Chief Executive Officer Brian Larkin says: ‘Jonathan has been a valued colleague at United since the formation of the company in 2015. I would like to take this opportunity to thank him...for his commitment and contribution during his time here and the central role he has played in United’s development to a full cycle oil and gas company. He remains central to our strategy on Jamaica and we are delighted that he will continue to support the company on a consultancy basis through to the completion of this farmout process.’
Current stock price: 1.20 pence, down 4.0% on Tuesday afternoon in London
12-month change: down 30%
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