Loyz chairman steps down, new deputy chairman named

LOYZ Energy independent director and chairman Vincent Lien Jown Jing is stepping down because of additional responsibilities with another party that could lead to a conflict of interests.

The oil and gas company has named current board adviser and previous Premier Oil plc chief executive Simon Charles Lockett as the new deputy chairman and independent director.

The changes are effective immediately.

Loyz managing director Adrian Lee said in a statement that the Loyz board was "united" in thanking Mr Lien.

"Mr Lien has played a key role in a slew of recent initiatives by Loyz to expand its reach and tap fresh income streams, while working tirelessly to enhance the group's standing within the industry in Asia and beyond," Mr Lee said.

Mr Lockett, who has been an adviser to the Loyz board since August, said: "The journey ahead is one that we shall all look forward to, and I see Loyz Energy marking further milestones, despite the challenging environment, as we fully exploit our existing assets and seek out other producing concessions to bolster earnings growth."

Loyz stock last traded at 12 Singapore cents on Friday.