The former chair of Angus Energy breached the share dealing code and will not retake his place on the board, the company has announced.
Paul Vonk, has resigned as managing director of the oil exploration company, Angus Energy, a statement from the company said this morning.
Two shareholders in Angus Energy have called a general meeting in a bid to remove the managing director, Paul Vonk, from the board.
The British Geological Survey confirmed there were two more small earthquakes in Surrey today – both in the same place as the previous cluster.
Angus Energy has said the Oil & Gas Authority has approved its application to operate the Balcombe exploration licence, taking over from Cuadrilla.
Shares in UK Oil and Gas dropped by more than 35% this afternoon following the company’s announcement of possible formation damage at its Broadford Bridge oil exploration well and the prospect of drilling another sidetrack.
UK Oil and Gas, the company behind oil exploration at Broadford Bridge in West Sussex, has rejected comments made about its operations by Angus Energy.
Angus Energy has said it expects to test its newly-acquired well at Balcombe in West Sussex, before turning to Brockham in Surrey.
Angus Energy has announced initial flow rates of 40 barrels of oil per day at its horizontal production well at Lidsey in West Sussex. Five months ago, Angus predicted a sustained 400 barrels a day at Lidsey (interview with IG Analysis).
Surrey County Council and Angus Energy are standing firm in their conflicting positions in a long-running dispute over the Brockham oil site near Dorking.