Chief of stricken Empire Oil & Gas quits after debt default
Angus Walker has stepped down from the CEO position at Empire Oil and Gas, saying it was no longer the role he’d been hired for.
Empire said Mr Walker told the company that “with the recent change in circumstances of the company, the position no longer represented the role for which he believed he was to fulfil when he was hired”.
The Western Australian company revealed the news on September 25, which is a public holiday in the State.
Mr Walker was hired in July to help the company raise capital for new exploration projects in the Perth Basin.
But two weeks ago Empire (ASX:EGO) defaulted on a $15 million loan with Mineral Resources.
Empire’s subsidiary Empire Oil Company went into voluntary administration.
Administrators took control of assets including a Red Gully exploration permit, two production licences, the rights to present and future petroleum extraction and buildings, plant and machinery on the titles.
Mr Walker will keep working with the company for six months, during which time the board will take a more active role in managing the company.
Empire put its shares into voluntary suspension on August 30, and last traded at 12c.