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Kris Energy's founding director Keith Cameron to retire as CEO
UPSTREAM oil and gas company KrisEnergy announced on Friday that its chief executive officer Keith Cameron has notified the board of his retirement.
The firm also said Jeffery S Macdonald, a non-executive independent director since 2009, will take over as interim CEO effective July 1 until a successor is appointed.
Mr Cameron, the company's founding director, will continue as an adviser to Mr Macdonald who will become an executive director, said the firm in an announcement to Singapore Exchange (SGX).
Kris Energy also announced that its revolving credit facility has been transferred to a single lender, DBS Bank.
With that, the previously disclosed requirements for repayment and cancellation of US$55 million of the facility by July 29 and raising minimum new capital of US$100 million and US$50 million (both amounts being net of costs) by end June and November 2016 respectively will no longer apply.
"Liquidity and capital management continue to be a priority for the group and the company is pleased to be embarking on this new relationship with DBS," said the firm in a separate announcement to SGX.
The facility is secured by the company's producing assets in the Gulf of Thailand and in Bangladesh, and development assets in the Gulf of Thailand and in Indonesia.