(MENAFN- ProactiveInvestors - UK) Oil and gas company Gulfsands Petroleum plc (LON:GPX) announced that executive chairman Alastair Beardsall will be retiring.
Executive duties will be assumed by John Bell, as Managing Director and Andrew Morris, as Finance Director.
James Ede-Golightly will assume the role of Non-Executive Chairman.
Earlier this month the group became embroiled in a legal dispute with a Syrian shareholder over claims it was not properly informed of an open offer funding.
Al Mashrek Global Investment Ltd filed a suit in Damascus claiming it had lost the opportunity to subscribe for new shares and a result its holding was diluted. The claim amounts to around US$2mln.
Gulfsands told investors it was 'determined' to protect its rights.
Operations in Syria remained suspended due to EU sanctions.
Last December the group lost its licence for the Rharb project after an extension was rejected by the Moroccan government.
It came just months after it failed to secure a further extension of the Fes Petroleum Agreement.
For 2015 the group reported losses of US$69mln.
Shares were trading at 3.15p.
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