March 21 Russian oil producer Exillon Energy Plc
said five directors, including its chief executive and
chairman, had resigned saying they could not work without the
support of the two directors nominated by its largest
Shares in Exillon, whose oilfields are located in northern
Russia and western Siberia, fell as much as 14 percent on the
London Stock Exchange on Friday.
"We were informed by Exillon's CEO Mark Martin that he was
no longer able to exercise practical control over the company's
operations and assets without the support of the newly appointed
directors", Chairman David Herbert said in a statement.
Exillon said Martin, Herbert as well as independent
directors Stuard Detmer, Anne Belveze and Ezio Bracco had
resigned with immediate effect.
That left the company with two directors, Alexander Suchkov
and Sergey Koshelenko, who were appointed in January on the
recommendation of a company controlled by Russian billionaire
Alexei Khotin, Exillon's largest shareholder.
(Reporting by Karen Rebelo in Bangalore; Editing by Savio