Xtract Energy names new Chief Executive Officer

AIM-listed Xtract Energy has appointed Jan Nelson as Chief Executive Officer of the company with immediate effect.

AIM-listed Xtract Energy has appointed Jan Nelson as Chief Executive Officer of the company with immediate effect.

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The company said that Nelson would bring over 15 years' experience in the mining industry; more recently as Chief Executive Officer Pan African Resources, where he was responsible for transforming the company from an exploration vehicle with little cash resources to a 200,000 ounce (oz) per annum low cost, high grade precious metals dividend paying mining company.

Following Nelson's appointment, the board said it intended to develop a new strategy for the company, focused on precious and base metals, which would be presented to shareholders in the coming months.

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Peter Moir's position with the company would change from Chief Executive Officer to Executive Director with immediate effect and Raju Samtani resigned as a Director with immediate effect to focus on his other business interests, the group added.

Colin Bird, Chairman of Xtract Energy, said: "I am delighted to welcome Jan as Chief Executive Officer of the Company with confidence that he will play a pivotal role in completing the reorganisation of Xtract and identify new assets to restore and enhance shareholder value, as he has before. Jan made a very positive contribution to the development of Pan African Resources and I am confident that his appointment will prove successful."

Nelson said: "Having been a key conduit in building a successful precious metals business, I am looking forward to joining Xtract and intend to focus on precious and base metals opportunities. I am pleased to be once again working with Colin, and I believe our combined skills and experience will enable us to deliver quality assets and build shareholder value."

Xtract Energy's share price was up 38.46% to 0.18p at 12:13 on Tuesday.

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