Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, announces that Mr William Ahlefeldt has informed the Board of his intention to retire as a director of Europa with immediate effect.
Mr Ahlefeldt has served as a director of Europa since 2004 and has played a crucial role during his time on the Board. He was instrumental in bringing the Company to the AIM Market of the LSE in 2004 and he remains one of Europa's largest shareholders. As an experienced petroleum engineer, he has provided technical leadership on the Board throughout his tenure. In addition, he has provided significant financial support to the Company on several occasions.
Following Mr Ahlefeldt's retirement, the Board will comprise two executive directors and three non-executive directors. The Board believes that this composition of directors provides a well-balanced commercial, technical and financial skill set to deliver on the existing strategy and govern the business appropriately, as such it is not intended to replace Mr Ahlefeldt at this time.
Brian O'Cathain, Chairman of Europa, said:
"I would like to thank William for his many years of loyal service and invaluable contribution to Europa. William has been a valued member of the Board, and we wish him every success in the future."
William Ahlefeldt, said:
"It has been an honour to sit on the Board of Europa and be part of the Company from its initial flotation on AIM through to the success of the Wressle field. I have great faith in the new executive management team and intend to remain a loyal shareholder."