PracticeAuditBDO succeeds Chapman Davis as Empyrean auditor

BDO succeeds Chapman Davis as Empyrean auditor

Despite statements that the company was due to re-appoint Chapman Davis, BDO International named auditor of oil and gas explorer

BDO succeeds Chapman Davis as Empyrean auditor

BDO INTERNATIONAL has succeeded Chapman Davis as auditors of oil and gas exploration business Empyrean Energy.

Empyrean had previously indicated at its AGM and half yearly report that Chapman Davis were set to continue in their role, but in a statement to the stock exchange announced it had appointed BDO International.

A statement from the company said: “BDO will conduct the company interim review for the six months to 30 September 2013 and audit the year ended 31 March 2014”.

According to the July AGM, a resolution was put forward for Chapman Davis to be re-appointed as auditors and the directors were set to determine the remuneration for the auditors.

“The auditors, Chapman Davis, have indicated their willingness to continue in office and a resolution that they be reappointed will be proposed at the Annual General Meeting,” a statement in the half-yearly results in May said.

Empyrean Energy has been through several changes recently. In October, it changed its adviser to Cenkos Securities and twice this year has changed its principal offices in Australia. However, its registered office remains in London.

AIM listed with its primary assets in Texas and California, Empyrean has a debt facility of $50m (£31m) with Macquarie Bank. It made $1m repayment to the bank in September.

According to the Share Price Centre the company has seen its share increase 16% to 7.25p in the last six months and has a market cap today of £16m.

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