The search for his successor is already underway. Also quitting the board is non-exec, Dr Phil Frank, who will be replaced by Dmitry Sazonenko. The boardroom update accompanied interim results from the Ukraine-focused gas producer.
Average daily production of condensate and LPG from the MEX-GOL and SV fields was almost 276,000 cubic metres per day, which generated revenues of US$24.6mln.
Gross profits were US$11.9mln, up from just over US$3mln. This was probably the most reliable yardstick of underlying financial performance as the company benefited from a reversal of a US$35mln impairment charge, which muddied the pretax figure.
Chief executive Sergii Glazunov was upbeat on the outlook for the business following what he described as “encouraging new legislation” governing the oil and gas sector in Ukraine.
“[It demonstrates the] government's stated intention to promote and support the domestic oil and gas production industry,” he added.
“These new measures include reductions in the subsoil taxes applicable to the production of hydrocarbons, which became effective for new wells drilled after 1 January 2018 and will come into effect for condensate production from all wells from 1 January 2019.
“Furthermore, new legislation was introduced earlier this year to simplify a number of the regulatory procedures relating to oil and gas exploration and production activities in Ukraine.”