Phil-ByrneNIDO Petroleum announced that Phil Byrne has tendered his resignation as managing director.

Nido said Mr Byrne will be leaving the company on his own terms and with the best wishes of the entire board as he moves into a new phase of his career.

Mr Byrne will cease employment with the Company on 30 April 2015 and a global recruitment process to identify a suitable replacement is underway, the company said.

Commenting on Mr Byrne’s resignation Nido’s chairman William Bloking said “Phil’s leadership over the last three years has completely repositioned the company.”

“He has presided over the expansion of production from the Galoc oilfield, the successful off-market takeover of the company by the Bangchak Petroleum Public Company Limited and the recent acquisition of the Galoc Production Company WLL.”

“Nido is poised for a significant growth phase due in large part to the achievements of Phil and we wish him the very best for the future,” he said.

Nido said it would advise shareholders when a new managing director is appointed.