CAIRN Energy is looking for a new chairman after announcing Ian Tyler is to step down.
Mr Tyler, who has been on the board of the Edinburgh-based company for seven years including six as chairman, will stay on until a successor is found within the next year, Cairn said in a statement to the London Stock Exchange.
It told investors: “The board will begin a thorough and comprehensive process to identify and appoint a successor and enable an orderly handover, in accordance with the board’s existing succession planning.”
READ MORE: Scottish oil explorer suffers reverse in Mexico after latest test well proves dry
It added: “Mr Tyler has indicated his commitment to serve as chairman of the board of Cairn until such process is completed, which is anticipated to take place within the next twelve months.”
Separately, the company earlier told the stock exchange that it had abandoned drilling on the last of four wells in Mexico it had been exploring with Italian oil giant Eni after work was completed with no hydrocarbons found.
Cairn had flagged potential cuts to its capital expenditure programmes in late March light of the Covid-19 pandemic and collapse in crude oil prices when it said it anticipated capital expenditure on exploration to be reduced from the original forecast of $150million to around $100m.
Shares rose 2.25% to 113.7p.
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