Capitalist-listed Loyz Energy announced on Monday the resignation of its chairman and independent director, Mr Vincent Lien Jown Jing, due to additional responsibilities with a third party which could result in a potential conflict of interest.
The Singapore-based upstream energy group has appointed current board advisor Mr Simon Charles Lockett as the group's deputy chairman and independent director.
Both changes are effective immediately.
Loyz also said Mr Chan Eng Yew (Zeng Rongyao) will cease to be a member of the company's audit committee.
Mr Lien, who came onboard Loyz as chairman in November last year, is director of Hong Kong-listed UP Energy Development Group and Canada-listed Primeline Energy Holdings, and sits on the board of the Maritime and Port Authority of Singapore.
Mr Adrian Lee, the group's managing director, said in a press release on Monday: "Mr Lien has played a key role in a slew of recent initiatives by Loyz to expand its reach and tap fresh income streams, while working tirelessly to enhance the Group's standing within the industry in Asia and beyond."
"The board stands united in thanking Mr Lien for his staunch efforts on the Group's behalf, as well as his steadfast conviction in our ability to distinguish Loyz as an enterprise to watch in the upstream energy sector."
New deputy chairman Mr Lockett was formerly chief executive officer of Premier Oil Plc, an O&G exploration and production company listed on the London Stock Exchange. While in charge, he was able to significantly boost production, which grew from 37 thousand barrels of oil equivalent per day (mboepd) in 2004 to 58.2 mboepd in 2013, while operating cashflows increased from £119 million in 2005 to £808 million in 2012, Loyz said in the statement.
Meanwhile, Premier's share price rose by more than 140 per cent, outperforming the FTSE 250 Index, the statement said.
Mr Adrian Lee, the group's managing director, said in a statement: "Since he became an adviser to the board of directors of Loyz Energy in August, Mr Lockett has provided both impetus and inspiration, helping to shape and advance our ongoing plans to grow the Group's revenues and concessions portfolio."
"With Mr Lockett helming the Board, we expect to make even greater strides towards our goal of becoming a reputable player in the industry, bolstered by his singular expertise and experience in the oil and gas (O&G) sector."
Loyz recently reported a net attributable profit of US$500,000 for the first quarter ended 30 September 2014 (1Q FY15), driven largely by contributions from its Thai assets, which brought overall revenue to US$6.9 million and EBITDAX (earnings before interest, taxation, depreciation, amortisation and exploratory expenses) to US$4.5 million. The Group owns 20 per cent of three producing concessions in Thailand, which lie in the Phetchabun Basin north of Bangkok.