Jeffery S. Macdonald, a Non-Executive Independent Director of the Company since 2009, will take over as Interim Chief Executive Officer effective 1 July 2016 until a successor has been appointed.
Mr. Macdonald was previously a Managing Director with private equity firm, First Reserve, with responsibility for investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the oil and gas reserves sector.
Prior to joining First Reserve, Mr. Macdonald was a founder and Chief Executive Officer of Caledonia Oil and Gas Limited, a UK independent E&P company, and before Caledonia, he was a founding member and Managing Director of Highland Energy Limited.
He was also Managing Director and Chairman of Blackwatch Petroleum Services Ltd,an international E&P consultancy. His other experiences include Managing Director of Production Testing Services, primarily managing Russia and the Middle East, and as an engineer and project manager with Conoco Inc. in London, Dubai and Houston.
Mr. Macdonald holds a Bachelor of Science (Hons) in Civil Engineering from Glasgow University.
He will step down as Chairman of the Remuneration Committee, to be replaced by Duane Radtke as Interim Chairman. Mr. Macdonald will also resign from the Remuneration Committee and the Nomination Committee.
Mr. Cameron will continue as an advisor to Mr. Macdonald, who will become an Executive Director.