Oil and gas exploration company Pura Vida Energy has informed that the employment of its Chief Executive Officer Damon Neaves is ceasing, effective immediately. The company is now looking to hire a new boss ahead of drilling campaign offshore Gabon.
According to the terms of the employment contract, Neaves is expected to resign his directorship on the board imminently, the company said on Wednesday.
Simon Eley, Non-executive Chairman, will assume an interim role in the day to day management of the company with the assistance of the remaining directors and management team.
The company noted that Eley will be entitled to receive $1,500 per day or part thereof, for work performed outside the scope of his role as Chairman. The board will soon seek to identify and secure a suitable technical person to join the company and assist with the upcoming program at Nkembe, Pura Vida added.
The company reiterated its commitment to plans to complete the anticipated three well drilling campaign on the Nkembe block offshore Gabon later this year.
To remind, Pura Vida in late January left a permit offshore Morocco to focus on the asset offshore Gabon. Earlier that month, the company reached a conditional agreement with an offshore drilling contractor which would fund a three-well drilling program in the Nkembe block.
The deal envisioned the drilling contractor providing a jack-up rig and funding the costs of the rig for the three-well program anticipated to start in the second half of 2017.