Gulfsands appoints new executive chairman, removes CEO

Oil and gas explorer Gulfsands Petroleum said it had removed its chief executive and appointed a new executive chairman.

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The North Africa-focused group said it had named Alastair Beardsall, the current chairman of Sterling Energy, as its executive chairman with immediate effect.

Beardsall’s arrival saw Mahdi Sajjad removed from his role as chief executive, though the company confirmed he will remain on the board as a director.

In February, the now deposed CEO, had resisted an attempt by Waterford Finance and Investment Ltd, Gulfsands' biggest shareholder, to remove him.

Gulfsands shares were up 0.58% to 21.50p at 11:39 on Tuesday.