Petroneft Resources appoints Karl Johnson as chief executive

Sturt, who has been with the AIM-listed outfit since 2016, will take over the position on 25 March, at which time Johnson will return to his role as vice president of operations.

Petroneft said Sturt intends to continue on with the company's efforts in Russia, where it has been testing the market and gauging appetite for a potential sale of two licences.

In the event of such a sale, Sturt will be entitled to receive share options up to a total potential amount of $100,000.

Chairman David Golder said: "I am delighted that David has agreed to take up the position of CEO and am confident that he can bring a successful conclusion to our efforts to realise increased value to shareholders."

As of 0840 GMT, Petroneft shares had slipped 1.96% to 1.25p.