Cath Norman, the managing director of the West Africa-focused offshore exploration company FAR, has been terminated from her role and resigned as a director of the company.
Norman — a geophysicist — was appointed managing director of FAR on 28 November 2011.
FAR announced today that Norman had been given notice of termination from her role as managing director, effective immediately, and had resigned as a director.
Independent chairman Patrick O’Connor will oversee the business during a period of transition.
Norman will also be available during a 12-month notice period to assist with any transitional matters as required, in accordance with her employment contract.
O’Connor said: “The time has now come for a fresh perspective to ensure the company explores every opportunity to realise value for shareholders.
“On behalf of the board I’d like to thank Catherine for her significant contribution to the company.
“The board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price.”
In West Africa, FAR holds a portfolio of exploration licences in Gambia and Guinea-Bissau and has a contingent payment due from Woodside in respect of anticipated oil production from the Sangomar project in Senegal.