JOHANNESBURG (miningweekly.com) - ASX-listed oil and gas exploration and production company Lion Energy is undertaking a strategic review of its assets, following the changes to the board of directors, which is effectively immediately.
On Wednesday, the company announced the strategic review, which is aimed at rationalising any noncore assets and focusing on a production-oriented portfolio of projects. The review is expected to be completed in early March.
In addition, the company, which has been operating in Indonesia since 1999, continues to review production opportunities in the region with a view to bolstering the company's oil production in the medium term.
The company further announced that Kim Morrison and Stuart Smith have resigned as CEO and executive director of the company, and executive director and CFO, respectively.
Russell Brimage has taken up a role as nonexecutive director, with Tim Soulsby having been appointed as executive chairperson.
The appointments of Zane Lewis and Damien Servant as nonexecutive and executive director, respectively, will be effective from February 13 this year.