Andalas Energy (ADL) announced on Tuesday that Chairman Robert Arnott and CEO Simon Gorringe are stepping from the company, and that it is bringing in new management as well as a company name change.
The AIM-listed energy firm appointed Mr Leslie Peterkin as CEO, Mr Mark Rollins as a non-executive chairman, and Mr Anthony John Battrick as technical Manager.
In the same announcement, the company revealed that all three directors took part in a £525,000 subscription at 0.15p, a 20% premium to the previous closing mid market price.
The energy firm also proposed a company name change to Advance Energy plc, subject to shareholder approval.
Shares in Andalas Energy were trading 20% higher at 0.15p on Tuesday after the announcement
Mark Rollins, incoming Chairman, said "Leslie and I are delighted to join the Board of Andalas and concurrently we, along with John Battrick, have invested £500,000 as part of the Subscription, to demonstrate our commitment to the Company.”
He added: “We have been attracted to Andalas not only for its existing assets, but importantly by the platform for growth that the Company provides.”
Andalas issued 349 million new shares, representing around 22% of the enlarged shares in Andalas, and issued 137.5 million new share options at 0.3p.
Mr. Rollins told investors in a statement that the first order of business will be a review of the company strategy, by way of introducing new opportunities and widening its existing asset base.
Mark Rollins was formerly Chairman and CEO of Ukrnafta, one of the largest oil and gas producers in Ukraine, with over 20,000 employees.
Mr. Leslie Peterkin is an E&P executive with two decades of experience with independent oil companies and oil major Shell, and Mr. Anthony John Battrick is a geoscientist with five decades of E&P experience across SE Asia, Africa, UK and the USA.
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