Veteran Bristol oil industry entrepreneur David Bramhill has parted company with Wessex Exploration, the Bristol-based hydrocarbon prospecting company he helped float on the London Stock Exchange’s AIM market last year.
In a statement today Wessex said he had resigned as non-executive chairman with immediate effect, adding that it would “like to thank Mr Bramhill for his contribution . . . particularly his efforts in achieving the successful AIM flotation, and wishes him well for the future”.
Last month French oil giant Total walked away from its proposed takeover of Wessex after its £71m cash offer (10p per share) was rejected by directors because they believed it undervalued the company. The attraction for Total was a 1.25% stake Wessex holds in the Zaedyus discovery – potentially a multi-billion pound oilfield off the coast of South America. Total, which has a 25% interest, is one of three major oil companies, along with Shell (45%) and Tullow (27.5%), partnered in the venture.
Wessex, which raised £12m gross of additional funding in November 2011, says it is fully funded for all current requirements, including participation in a further Zaedyus appraisal well and at least one additional well intended to prove up the scope of the new hydrocarbon frontier established by the successful Zaedyus exploration well.
The company says it has begun “a process to recruit a replacement for Mr Bramhill” adding that it is the board’s intention to appoint at least one non-executive director who will be independent of management.
It has agreed to pay Mr Bramhill his contractual entitlement under his letter of appointment “and as regards the company’s unapproved share option scheme he has been granted good leaver status”.
The shares were unchanged today at 7.62p.
Wessex is just the latest of David Bramhill’s small business ventures in the exploration sector – whether for gas, oil or precious metals.
His directorships – whether in executive or non-executive roles – have over the past two decades taken him into areas ranging from gold mining in Peru, Spain and Bulgaria, diamond prospecting in Ireland and exploring areas as diverse as the North Sea, Colorado and French Guiana off the coast of South America for oil.
While his CV reads like a Who’s Who of small firms in the exploration and prospecting sector – most of them quoted on the London Stock Exchange’s junior AIM market. He is often described as the driving force behind these businesses but appears to lose little time in leaving them and joining others. As with today’s departure from Wessex Exploration, Mr Bramhill left with immediate effect from Bluebird Energy last January and from Nighthawk Energy in September 2010.
