Independent Oil and Gas (IOG) said one of its founders has resigned from the company’s board.
The move is said to be for “personal reasons” not related to the firm.
He was described in a statement as having been “instrumental” in IOG’s progress and growth.
Another independent non-executive director will now be appointed to the board and discussions are said to already be taking place with a number of individuals with oil and gas and market experience.
David Peattie, chairman of IOG, said:”We would like to thank Mike for his significant contribution and we will especially miss his entrepreneurial skills.
“Nonetheless IOG is looking to improve all aspects of its business as we prepare to move forward with three operated development projects and this presents an opportunity to further strengthen the board.
“We will make further announcements as appropriate.”