UK JKX Loses Two Execs at AGM (UPDATE)

(Updates following board meeting)

Shareholders at UK registered explorer JKX voted to remove three directors including the CEO and the CFO at their annual general meeting June 30. Tom Reed and Russell Hoare have left their posts, and so has the non-executive director representing 19.92% shareholder Proxima, Vladimir Rusinov.

However, both Reed and Hoare are to remain in an advisory capacity for another three months, the company said after the board meeting later that day.

But the nominee of another shareholder Eclairs, which moved the resolutions to dismiss most of the board, was not appointed: Michael Bakunenko.

That leaves four directors now on the board: Paul Ostling the chairman, and three non-executives: Bernie Sucher, Alan Bigman and Vladimir Tatarchuk.

The current general director of Poltava Petroleum Company, Victor Gladun, has been appointed acting CEO. Reed will advise him, but no successor for Hoare was named in the statement.

Ostling said: "The shareholders have voted and the priority of the board is to implement their wishes in the best interests of all stakeholders. Among our priorities for the transition period will be to determine the optimum composition of Board and management team to take the company forward. We are greatly appreciative of Tom Reed and Russell Hoare both for their service and for their commitment to continue in an advisory capacity during the transition period. We would also like to thank Vladimir Rusinov for his contribution to the Board over the past 18 months. And above all, we would like to thank all our employees for their continued commitment, focus and service."

William Powell