Beach Energy MD Robert Cole resigns
The managing director of oil and gas producer Beach Energy, Robert Cole, has resigned for family reasons.
Cole had been on leave to attend to family matters in Perth and has since decided not to return to a full-time executive role with Beach in Adelaide.
Neil Gibbins will continue in the role of acting chief executive officer until a new managing director is appointed, Beach announced in statement on Wednesday.
The producer announced the appointment of Cole, who came across from an executive position with Woodside Petroleum, in November 2014.
“In the circumstances the board has waived what would otherwise have been notice requirements under Mr Cole’s employment agreement,” Beach stated.
The company added that its executive team and staff were committed to delivering on a new strategy announced on August 12.
Beach has endured a rocky 12 months with falling resources prices impacting production and recorded a half a billion-dollar loss for the 2014-15 financial year.
Beach recently announced it expected oil and gas production to fall in the 2016 financial year as the company cut exploration drilling activity.
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However, gas sales volumes were expected to be higher as oil prices remained weak.
Shares in the company were one cent, or 1.9 per cent, lower at 51 cents at 1104 AEST.
– AAP
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