CIRCLE Oil chief executive Professor Chris Green is to step down from the Board and resign from the company.
He has agreed with the board to remain in his role for a suitable period to ensure a smooth handover to his successor.
Prof Green said that after more than eight years at Circle, it was time for him to step down.
“Circle Oil has a very exciting future ahead. I wish the team well and I am confident in their abilities to deliver on the Company’s significant potential,” he said.
The company said the process was now underway to find a new chief executive, and to make additional appointments to the Board “to further broaden its experience and expertise.”