Chief executive Neil Ritson will now take on the chairmanship in addition to his executive role.
The company has also appointed Gordon Stein as non-executive director, and he will also chair the audit committee and be a member of the remuneration committee.
"We would like to thank Steve for his contribution as a non-executive since 2011 and as chairman for the last two and a half years, and to wish him well with his various future endeavours,” Neil Ritson said.
“We would also like to welcome Gordon who brings a wealth of relevant experience as a former finance director and chief financial officer of various listed and private junior oil and gas companies."
"Having recently completed the refinancing of the business and settled with major creditors, and as we prepare for the start-up of low cost development drilling at the Goudron Field, we believe these board changes will further help to position the company for the future."