The chairman of Ithaca Energy is set to step down ahead of the firm achieving first oil from its flagship North Sea field.
Jack Lee, the Calgary and Aberdeen-based company’s non-executive chairman will retire from the board at the company’s AGM next month.
He will be replaced by another board member Brad Hurtubise. Another non-executive, Frank Wormsbecker, will also stand down, reducing the number of directors on the board from nine to seven.
Les Thomas, chief executive, said: “Jack and Frank have been on the board of Ithaca since 2008 and 2006 respectively. Their counsel and contributions have been significant in the successful transformation of the company from a small North Sea start-up to one of the leading independent operators in the basin today. On behalf of all of the board I would like to thank them for their contributions and wish them both the very best for the future.”
It is expected that Ithacan’s Greater Stella Area project is on track for first oil in the third quarter of this year, which is set to more than double production.