International Petroleum: Director Resignations
International Petroleum Limited announcesthat Mr Antonio Antoniou and Mr Pierre Godec resigned as non-executive directors yesterday with immediate effect.
Given that, in order to minimise cash outflows, the Company has temporarily ceased its oil and gas exploration and production activities and that it is in discussions with a third party concerning a potential sale of its Russian assets for cash consideration to accelerate the resolution of its indebtedness positionand finance its exploration for oil and gas and working capital, Mr Antoniou and Mr Godec resigned in order to save costs and reflect that their industry expertise is not being utilised by the Company at present.
I would like to thank both Tony and Pierre for their valued contributions to the Company’s board meetings.
Yours faithfully
Tony Sage
Non-Executive Chairman