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KrisEnergy CFO resigns to pursue other interests

MAINBOARD-LISTED KrisEnergy's chief financial officer (CFO) Kiran Raj has tendered his resignation to pursue other interests, the independent upstream oil and gas company said on Thursday after market close.

Mr Raj, who has been CFO since 2013, has also resigned as alternate executive director and vice-president for finance and administration. Group treasury manager Joanne Ang will take the role of interim CFO and Mr Raj will advise her in the transition period, with his last day of service being Oct 17.

The board will commence a process to appoint a successor to Mr Raj and a further announcement will be made in due course, KrisEnergy said.

KrisEnergy chairman Tan Ek Kia said of Mr Raj: "He has been a valued member of the management team and has made a huge contribution to the business in what have been exceedingly challenging times given the plummet and prolonged depression in oil prices since late 2014. On behalf of the board, I would like to thank him for his work over the last six years and wish him every success in the future."

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Mr Tan noted that Ms Ang has been part of the finance management team since 2013 "and is fully versed on all aspects of the company's financial and commercial matters". She began her career with the Commonwealth Bank of Australia in Sydney in 1999 in financial market operations and progressed to research analyst before leaving in 2007, moving to Singapore in 2008 and joining CLSA as a research analyst. From 2009 to 2013, she was VP of Corporate Finance at Brighton Capital Advisors, a corporate finance firm with a primary focus on the oil and gas sector.

The news follows an Apr 11 announcement that KrisEnergy chief operating officer James Parkin has resigned to pursue other interests, with his last day being Oct 3.

KrisEnergy shares closed down 0.2 Singapore cent or 3.92 per cent at 4.9 Singapore cents on Thursday before the news.