PetroNor E&P appoints new CEO amid plans to streamline

As part of a plan to streamline its structure and reduce overhead, Oslo-listed PetroNor E&P, an independent oil and gas exploration and production company focused on assets across subSaharan Africa, has made management changes and plans to redomicile to Europe.

Jens Pace, currently chief executive officer, intends to retire from the role effective Feb. 29. Pace will remain on the board in a new role as non-executive director. Knut Søvold, currently chief operating officer, will assume the role of chief executive officer.

Stephen West, currently chief financial officer, plans to resign to pursue other opportunities. He has committed to working a notice period and the company plans to provide an update with regards to ongoing chief financial officer duties “in due course.”

Upon completion of the proposed redomiciliation, the company will no longer require Australian-based directors. Timothy Turner, an existing Australian-based director, has resigned. Interim directors in Australia will be announced to ensure compliance with existing requirements until completion of the redomiciliation, expected to occur in this year’s second half.

Dr. David King, non-executive director, resigned for medical reasons, effective Feb. 1.

The company holds 6 licenses in four countries offshore West Africa (Republic of Congo, Senegal, The Gambia, and Nigeria). In 2019, a reverse take-over between PetroNor E&P and African Petroleum Corp. was completed.