Stuart Nicholls will resign as chief executive and managing director of John Poynton-chaired Strike Energy, with directors Jill Hoffmann and Nev Power stepping in.
Stuart Nicholls will resign as chief executive and managing director of John Poynton-chaired Strike Energy, with directors Jill Hoffmann and Nev Power stepping in.
In a statement to the market, Perth Basin producer Strike Energy announced Mr Nicholls will resign as chief executive on February 14.
Ms Hoffmann has been appointed as acting chief executive officer while the West Perth-based company starts its search for Mr Nicholls’ replacement.
Mr Power, who is Strike Energy deputy chair, will help Ms Hoffmann to transition into the leadership role and over the strategic process review, the company said on the ASX.
Mr Nicholls started at Strike Energy in 2017, having joined from Shell where he had been for about seven years.
“It has been a great privilege to serve as the managing director and chief executive officer of Strike and I’m incredibly proud of the company we have built,” he said.
“I look forward to the continued growth of Strike as a gas producer and electricity generator, and feel it is the right time for me to step aside as managing director and chief executive officer and pass onto a new CEO with refreshed energy to guide the company through its next stage of development and growth, which should see further significant shareholder value creation.”
Mr Poynton said Mr Nicholls had provided leadership through the company’s period of growth and change in the past eight years.
“He has grown the company’s asset base from a single exploration project in South Australia to one of the largest gas resource positions in the highly attractive Perth Basin with exceptional further prospects,” Mr Poynton said.
“I wish to thank Mr Nicholls on behalf of the board for his dedication and commitment to, and achievements at, Strike.”
The company will undergo a review over its project portfolio which the board believed to be undervalued, according to Strike’s announcement.
“The strategic review will investigate a range of ownership and funding alternatives at both a project and corporate level,” the company said on the ASX.
“There is no certainty that the strategic review will lead to any particular outcome or transaction, and Strike shareholders do not need to take any action in relation to the review at this time.”
Strike Energy shares fell by 2.33 per cent, trading at 21 cents each, as of Thursday's market close.
