JOHANNESBURG (miningweekly.com) – After recently announcing a “significant” simplification of its operating structure, Dr Wolfgang Zimmer has stepped down as MD of Sydney-listed ADX Energy.
His consultancy agreement with the company had also been immediately terminated, but he would remain nonexecutive director.
The company added in a statement on Monday that geophysicist and chartered engineer CEO Paul Fink had been appointed CEO and would assume the role of executive director, while oil and gas professional Ian Tchacos had been appointed executive chairperson, to support of Fink.
The new incumbents were expected to “reinvigorate” the company with a view to progress its current assets, expand its portfolio and secure new sources of funding in line with its new growth strategy.
“ADX will announce a revised growth strategy and focus, which the board believes is appropriate for the current oil price environment, which provides a unique opportunity for growth,” said the energy group.