Jadestone Energy, formerly known as Mitra Energy, has named its executive chairman as the new CEO. The company also announced a partial drawdown on convertible bonds.
Jadestone said on Wednesday that the executive chairman of Jadestone Energy, Paul Blakeley, has assumed the role of chief executive officer effective immediately while continuing as chairman of the board of directors.
The company added that the appointment was part of a planned shuffle of the company leadership, which also sees interim CEO Michael Horn become executive VP of Corporate and Business Development.
New CEO Paul Blakeley said: “We have made this adjustment now, following on from our recent acquisitions which include two producing assets, and the expected imminent transfer of operatorship of the Stag field.
“Having transitioned from an exploration-led company to a production and development company, the time is right for me to focus more on our operations and to better implement our technical, commercial and operating capabilities to improve field operations and returns.
“We are now realigning our skills for the new challenges ahead with Michael fully focused on finding new accretive opportunities that fit our strict acquisition criteria, as we look to take full advantage of the distressed Asia Pacific upstream M&A market.”
Jadestone also said on Wednesday that it was in the process of drawing down $15 million from its undrawn convertible bond facility with Tyrus Capital Event, to fund capital expenditures and for related corporate purposes. The company has drawn down the first $10 million and expects to receive the remaining $5 million over the course of the next ten days.