Founder steps down from board of Eland

ELAND Oil & Gas, one of Scotland’s biggest stock market flotations of recent years, yesterday announced a top-level management shake-up that saw founder Les Blair step down from his role as chief executive.

Eland: Major shake-up. Picture: Getty
Eland: Major shake-up. Picture: Getty

Blair will leave the board of the Aberdeen-based company with immediate effect but will become a strategic adviser to the company in Nigeria, where its key production and exploration interests are.

He is being replaced by chief financial officer George Maxwell.

Eland chairman Harry Wilson said the restructuring followed the recent re-start of production on its key field and an acquisition.

“Our focus is now on maximising the value of our portfolio and delivering strong shareholder returns. This requires a reshaping of the senior management team and the creation of an important new strategic advisor role,” Wilson said.

“Les will remain resident in Nigeria where he has an acknowledged presence and deep connections in Nigeria’s oil and gas industry. He is particularly well placed to assume this important role.”

Louis Castro, who was previously a non-executive director at the company, has been appointed chief financial officer.

Eland recently announced the purchase of a 40 per cent interest in the Ubima field, which it said could contain up to 66.9 million barrels of oil.

Earlier this year first oil started flowing from its Opuama field, where production is averaging 3,500 barrels a day.

Shares closed up 1.5p at 104p.