The company said Allan Campbell had resigned as chief executive, and its chairman Phil Arnall would act as interim chief executive.
Campbell had acquired the business in 1995 and then took it public in 1999. He diversified the company from a small horizontal drilling contractor into a civil engineering, drilling and pipeline company.
Campbell was also instrumental in AJ Lucas being an early stage investor in coalbed methane gas acreage in the Gloucester basin, Sydney basin and Surat basin all of which were sold.
