(Reuters) – Gulfsands Petroleum Plc said it removed Mahdi Sajjad as chief executive and appointed Alastair Beardsall as executive chairman of the company with immediate effect.
The oil and gas production, exploration and development company, which operates in Syria, Morocco, Tunisia and Colombia said Sajjad would remain as a director of the company. (bit.ly/1OurN3T)
Outgoing chairman Andrew West has agreed to remain as a non-executive director with the company.
Waterford Finance and Investment Ltd, which owns about 26.5 percent of Gulfsands, had called for the removal of Sajjad and Commercial Director Kenneth Judge, alleging that the management had failed to build a viable business outside Syria.
Beardsall and other executive directors would evaluate the company’s strategic options and related funding requirements, the company said in a statement.
The company said last month that it was in talks with its major shareholders to secure immediate working capital as it struggles to repay some debt and continue funding operations. (Reporting by Roshni Menon in Bengaluru; Editing by Anupama Dwivedi)