Ruspetro CFO steps up to acting CEO

OIL AND GAS explorer Ruspreto has appointed chief financial officer Tom Reed as acting chief executive as part of a series of directorate changes at the London-listed business.

Reed, CFO since 2008, replaces departing CEO Don Wolcott with immediate effect.

Credited with bringing the company to its listing on the London Stock Exchange in 2012, Reed also helped lead restructuring discussions with lenders earlier this year and successfully negotiated a resolution allowing Ruspetro to improve cash flow and focus on monetizing its significant reserve base.

He was a private equity and M&A adviser and investor based in Moscow prior to joining the group and has worked in Russia on the origination, trading, and research of equity and equity derivatives, distressed debt, and debt derivatives since 1995.

Seperately, the company is also announced that Makayla Investments Limited extended its loan of $20m (£13.3m) from August 2013 to May 2015, while Limolines Transport Limited, the company’s largest shareholder, agreed in principle to extend the maturity of its loan of $64m from May 2015 to May 2018 subject to the necessary regulatory approval.

Tom Reed, acting CEO, commented: “We look forward to collaborating with our advisors on the strategic review we began in April. The agreement in principle to extend the maturities of the company’s shareholder loans by our founding shareholders underlines their support for the current management team and for the strategic process now underway.”

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