Strike Energy announces strategic review as CEO Stuart Nicholls steps aside
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The news: Strike Energy has announced that CEO and managing director Stuart Nicholls has resigned and says it will undertake a strategic review of the company and its project portfolio.
The numbers: In October, the gas producer reported steady quarterly sales and production volumes from its wholly owned Walyering field in WA but posted an 8% drop in sales revenue.
Strike Energy shares fell 2.33% to $0.21 on Thursday.
The context: Nicholls, who has led Strike for almost eight years, will step down immediately from its board and step aside as CEO on 14 February, the company said in a statement released after market close.
Non-executive director Jill Hoffman will be appointed acting CEO while the company searches for a permanent replacement and has been appointed as executive director with immediate effect.
Former Fortescue CEO Neville Power, currently Strike's deputy chairman, will provide assistance to Hoffman and also help lead the strategic review.
"The Board believe that Strike's project portfolio is undervalued by the price at which its shares have traded on the ASX," Strike said in its statement.
"The Strategic Review will investigate a range of ownership and funding alternatives a both project and corporate and level," it added, noting that there was no certainty the review would lead to any particular outcome.
The source: ASX announcement
