CGX announces changes in its hierarchy
CGX Energy Inc., the Canadian-owned company focused on oil exploration in the Guyana-Suriname Basin, announced, yesterday, that its President and Chief Executive Officer (CEO), Mr. Stephen Hermeston tendered his resignation, as a director, effective from June 19, 2012. He had been appointed President, CEO and Director on June 13, 2011 but relieved of the other two positions on May 4, 2012, while remaining a director.
That happened shortly after CGX reported disappointing results from its licence to prospect for petroleum at Eagle-1 well offshore Guyana, having reached a depth of 4,328 metres on April 25, 2012.
CGX also disclosed that Mr. Kerry Sully, who had been President and CEO from 1998 until June 2011 when he was appointed Executive Chairman, is now Acting President and CEO with immediate effect.
In a release, Hermeston was praised as an incredibly passionate and driven person, traits which were said to be key factors for his success in the oil and gas industry.
But CGX said his strength of personality resulted in a deterioration in working relationships with the Board of Directors that could not continue.
Hermeston’s resignation took effect this week.
Chairman of CGX is Guyanese, Dr. Suresh Narine. Two more Guyana nationals, Dr. Edris Dookie, another President and Dr. Dennis Pieters, Director, are also on the Board.