NZOG chairman Peter Griffiths steps down unexpectedly

New Zealand Oil & Gas chairman Peter Griffiths has unexpectedly resigned from the board for personal reasons, effective immediately, and has been replaced by his deputy, Roger Finlay. 

Griffiths was the longest-serving director on the oil and gas explorer's board, joining it in December 2009 and has been chairman since late 2012. He was re-elected by shareholders at the 2014 annual meeting. A veteran of the energy sector, Griffiths spent 21 years working at BP, 10 of which were as managing director. He's also a director of petrol chain Z Energy and Northland port operator Marsden Maritime. 

A professional director, Finlay has been on NZOG's board since 2009. 

Griffiths' exit comes as the company continues to seek buying opportunities, taking advantage of the plunge in global oil prices. NZOG is currently assessing a number of options, though it's said an acquisition isn't imminent. 

The shares last traded at 42.5 cents, and are unchanged so far this year.

BusinessDesk.co.nz

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